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Northern Oil and Gas Closes Acquisition of Williston Basin Assets
Tuesday 16 August 2022

US-based Northern Oil and Gas, Inc. (NYSE: NOG) has closed the acquisition of non-operated interests in the Williston Basin, the company said.

The closing settlement was USD 158m in cash, which includes a USD 17m deposit paid at signing in June 2022.

The closing cash settlement is net of preliminary and customary purchase price adjustments and remains subject to final post-closing settlement between NOG and the seller.

The acquired assets are primarily located in Dunn, McKenzie and Williams Counties, ND and include approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations.

NOG expects 0.8 net wells to be turned-in-line in 2022 post-closing.

The assets are operated primarily by Marathon Oil (NYSE: MRO), Continental Resources (NYSE: CLR) and ConocoPhillips (NYSE: COP), and NOG owns existing interests in approximately 50% of the acquired property value.

Kirkland and Ellis LLP is serving as legal advisor to NOG. Raymond James served as lead financial advisor to NOG.

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil and gas properties, with a core area of focus in the premier basins within the United States.
Date Published: 16/08/2022