Northern Oil & Gas (NOG) Update - June 30

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NOG Announces Closing of Forge Delaware Basin Acquisition
June 30, 2023 4:05pm EDT

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Delaware Basin assets from Forge Energy II Delaware, LLC, an EnCap portfolio company (“Forge”), on June 30, 2023.

NOG jointly acquired the assets with Vital Energy, Inc. (“Vital”), which will become the operator of the assets. In connection with the transaction, NOG and Vital entered into cooperation and joint operating agreements, which include a multi-year development plan for the Forge assets.

At closing, NOG paid $167.9 million in cash. The closing settlement is net of preliminary and customary purchase price adjustments and remains subject to post-closing settlements between the parties. More information regarding this acquisition can be found in NOG’s May 15, 2023, press release announcing the transaction, which is available here.

ABOUT NOG

NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States. More information about NOG can be found at www.northernoil.com.