Northern Oil and Gas Inc. will deepen its inventory within the core of the Williston Basin with an acquisition on April 22 from Flywheel Energy LLC worth more than $310 million.

The nonop-focused E&P based in Minneapolis will acquire the Williston Basin properties of VEN Bakken LLC consisting of roughly 18,000 net acres, 100% HBP. Production from 86.9 net producing wells included in the acquisition is expected to reach about 6,600 barrels of oil equivalent per day during the second half of 2019.

Northern Oil and Gas said it agreed to pay the Flywheel Energy subsidiary $165 million in cash, a $130 million 6% three-year senior unsecured note due 2022 and roughly 5.6 million shares of Northern’s common stock for the assets.

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