The assets are located in Reeves County, Texas and Lea and Eddy Counties, New Mexico.
Under the deal, Northern will acquire 5.3 net producing wells, 5 net wells in process and an additional 23.1 net undrilled locations ascribed to the core zones including the Wolfcamp A, Wolfcamp B and 1st through 3rd Bone Springs. The assets production averaged 2,200 boe/d (66% oil) in May 2021, the company said.
Northern Oil and Gas is an independent E&P company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. The company is based in Minnetonka, Minnesota.