[Editor's note: A version of this story appears in the May 2021 issue of Oil and Gas Investor magazine.]

Northern Oil and Gas Inc. made two large leaps outside of the Williston Basin in the past 12 months.

In September, the company made its first move in a deal to buy a small amount of acreage in the Permian Basin and has since quietly made at least seven additional transactions in the basin. Then, in April, Northern closed on its purchase of a large swath of nonoperated interest in Appalachia natural gas assets from Reliance Marcellus LLC in a $250 million deal, adding 200 net Marcellus Shale locations to the company’s portfolio.

In a recent conversation with Oil and Gas Investor, Nick O’Grady, Northern Oil and Gas’ CEO, offers an illustration of the promising M&A market with a story of a recent deal derailed by blackmail.

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