Northern Oil & Gas to Add Veritas Permian Assets in Largest Acquisition To Date

Northern Oil and Gas agreed to acquire Veritas Energy’s nonoperated oil and gas properties located in the Delaware and Midland basins for a cash purchase price of $406.5 million.

Northern Oil & Gas to Add Veritas Permian Assets in Largest Acquisition To Date

Veritas Energy’s nonop position covers approximately 6,000 net acres in the Permian Basin including over 600 risked gross undeveloped Delaware Basin locations. (Source: Hart Energy)

Northern Oil and Gas Inc. agreed on Nov. 16 to acquire Veritas Energy’s nonop position, significantly expanding its Permian Basin footprint in Northern’s largest acquisition to date.

“This transaction completes the strategic transformation of our business that began in 2018,” commented Northern CEO Nick O’Grady in a company release.

According to the release, Northern entered an agreement with Veritas to acquire its nonoperated oil and gas properties located in the Delaware and Midland basins for a cash purchase price of $406.5 million, subject to typical closing adjustments. The assets are primarily located in New Mexico’s Lea and Eddy counties and Loving, Reeves, Ward and Winkler counties, Texas.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access

Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.