Northern Oil & Gas (NOG) Update - Aug 15
Posted: Tue Aug 15, 2023 6:45 pm
On Wednesday I hope to finish my review of the ESTE and NOG profiles. Both companies will be reporting much higher production in Q3 and Q4 as a result of the Novo Acquisition closing mid-August. I love that ESTE and NOG are teaming up in the Delaware Basin.
NOG Closes Novo Acquisition
August 15, 2023 4:05pm EDT
MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Northern Delaware Basin assets from Novo Oil & Gas Holdings, LLC, an EnCap portfolio company (“Novo”), on August 15, 2023.
NOG jointly acquired the assets with Earthstone Energy, Inc. (“Earthstone”), which will become the operator of substantially all the assets. In connection with the transaction, NOG and Earthstone entered into cooperation and joint operating agreements, which include a multi-year development plan for the Novo assets.
At closing, NOG paid $468.4 million in cash, funded in part by a $37.5 million deposit paid at signing in June 2023. 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 June 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.
NOG Closes Novo Acquisition
August 15, 2023 4:05pm EDT
MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Northern Delaware Basin assets from Novo Oil & Gas Holdings, LLC, an EnCap portfolio company (“Novo”), on August 15, 2023.
NOG jointly acquired the assets with Earthstone Energy, Inc. (“Earthstone”), which will become the operator of substantially all the assets. In connection with the transaction, NOG and Earthstone entered into cooperation and joint operating agreements, which include a multi-year development plan for the Novo assets.
At closing, NOG paid $468.4 million in cash, funded in part by a $37.5 million deposit paid at signing in June 2023. 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 June 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.