NOG Announces Closing of Williston Basin Bolt-on Acquisition

Rhea-AI Summary

Northern Oil and Gas, Inc. (NYSE: NOG) has successfully completed its acquisition of non-operated assets in the Williston Basin, closing the transaction on August 15, 2022, for $158 million in cash. This acquisition aligns with NOG's strategy to consolidate non-operated properties and aims to enhance its national presence while focusing on capital returns and low leverage. NOG's CEO, Nick O’Grady, emphasized the acquisition's potential for generating cash flow and solidifying shareholder returns.

Positive

• Successful acquisition of Williston Basin assets for $158 million to enhance non-operated property portfolio.
• Strategic focus on building a diversified national franchise, improving capital returns and shareholder value.
• Acquisition expected to generate cash flow and strengthen NOG's market position.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced the closing of its previously announced acquisition of non-operated Williston Basin assets from a private seller.

MANAGEMENT COMMENT

“NOG continues to execute as the natural consolidator of non-operated properties,” commented Nick O’Grady, NOG’s Chief Executive Officer. “This cash-generating, inventory-rich acquisition remains consistent with our mission to build a diversified, national franchise focused on return on capital, low leverage and with robust, growing shareholder returns.”

WILLISTON BASIN ACQUISITION

NOG closed the Williston Basin acquisition on August 15, 2022. The closing settlement was $158.0 million in cash, which includes a $17.0 million 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. Additional information regarding this previously announced acquisition can be found in NOG’s prior press release announcing the transaction, available here.

ABOUT NOG

NOG is a 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. More information about NOG can be found at www.NorthernOil.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220815005660/en/

Investor Relations

(952) 476-9800

ir@northernoil.com

Source: Northern Oil and Gas, Inc.

FAQ

What was the transaction value of Northern Oil and Gas's acquisition in the Williston Basin?

The acquisition was valued at $158 million.

When did Northern Oil and Gas close the acquisition of Williston Basin assets?

The acquisition was closed on August 15, 2022.

What strategic benefits does the acquisition provide for NOG?

The acquisition enhances NOG's non-operated property portfolio, focuses on return on capital, and aims to improve shareholder returns.

How does the acquisition align with NOG's overall business strategy?

The acquisition supports NOG's strategy to be a consolidator of non-operated properties while building a diversified and robust national franchise.