Northern Oil and Gas, Inc. completed the acquisition of Non-Operated Interests in Jefferson, Harrison, Belmont, and Monroe Counties, Ohio.
February 31, 2024
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Northern Oil and Gas, Inc. (NYSE:NOG) entered into an agreement to acquire Non-Operated Interests in Jefferson, Harrison, Belmont, and Monroe Counties, Ohio on November 1, 2023. Acquisition to be financed with cash on hand, operating free cash flow and borrowings under NOG?s revolving credit facility. The transaction is expected to close in the forth quarter of 2023. Steptoe & Johnson acted as legal advisor to Northern Oil and Gas. Transaction expected to be accretive to key financial metrics in 2024 and on a multi-year basis. NOG paid $162.6 million in cash in aggregate initial closing settlements, with $28.4 million of the closing costs incurred in the fourth quarter of 2023 and the remaining $134.2 million in the first quarter of 2024. The first quarter closings were funded in part by a $17.1 million deposit paid at signing in November 2023. The closing settlements are net of preliminary and customary purchase price adjustments and remain subject to post-closing settlements between the parties.
Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of Non-Operated Interests in Jefferson, Harrison, Belmont, and Monroe Counties, Ohio on February 1, 2024
Northern Oil and Gas, Inc. is a real asset company that focuses on acquiring and investing in non-operated minority working and mineral interests in the hydrocarbon producing basins within the contiguous United States. Its principal business is crude oil and natural gas exploration, development, and production with operations in the United States. Its 272,251-acre portfolio is distributed across the Williston, Permian, and Appalachia Basins. Its portfolio comprises about 272,251 acres of low-breakeven lands with over 9,765 wells. Diversified by basin and across commodity type, its wells are operated by over 100 public and private operators. It primarily engages in oil and natural gas exploration and production by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include its acreage. In addition, it acquires wellbore-only working interests in wells. It also owns the Utica and Northern Delaware Basin assets.
NORTHERN OIL AND GAS, INC. 
