Northern Oil and Gas to acquire 2,900 net acres in the Permian Basin for $102.2 million
16 Jun 2021 - Upstream Companies and Transactions | Headline Analysis
Karan BhaganiKaran BhaganiAnalyst
In a press release, Northern Oil and Gas, Inc. announced the signing of three agreements to acquire 2,900 non-operated net acres in the Permian Basin from undisclosed sellers for a total consideration of $102.2 million. The company completed the acquisition of some of the assets in June 2021 and the completion of the acquisition of the remaining assets is expected in the third quarter of 2021.

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.
Article Information
Source
Company Press Release
Company
Northern Oil and Gas, Inc.
Locations
New Mexico; Texas; United States of America

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