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- Northern Oil and Gas, Inc. Announces Acquisition in the Delaware Basin
Northern Oil and Gas, Inc. Announces Acquisition in the Delaware Basin
Slice of Energy Team
July 30, 2024
Key Highlights:
Acquisition of 20% undivided stake in Point Assets.
Partnership with Vital Energy, Inc.
Purchase price of $220 million in cash.
Assets include 4,000 net leasehold and mineral acres.
Recent production of >4,500 Boe per day.
Source (Business Wire)
Notable Quotes:
“This transaction further emphasizes NOG’s position as the most reliable and consistent partner for the purchase and development of high-quality properties. We are very excited to again work alongside our partners at Vital to develop the Point Assets with strong alignment and cooperation.”
“The Point Assets sit directly in our area of interest and close to our existing Delaware holdings. With our partners at Vital, we expect to responsibly develop these assets with an aligned plan that will deliver strong returns for our respective stakeholders over the coming years.”
Our Take:
This strategic acquisition by Northern Oil and Gas, Inc. highlights the company's robust approach to expanding its asset base within the Delaware Basin, a premier hydrocarbon producing region. By partnering with Vital Energy, NOG not only diversifies its portfolio but also strengthens its operational capabilities. The anticipated production and development plans underscore the potential for significant growth and enhanced shareholder value. This move reinforces NOG's reputation as a key player in the oil and gas industry, adept at identifying and capitalizing on lucrative opportunities.