Northern Oil and Gas, Inc. entered into a purchase and sale agreement to acquire Howard County Non-Operated Properties of Laredo Petroleum, Inc. for approximately $110 million.

Northern Oil and Gas, Inc. (NYSE:NOG) entered into a purchase and sale agreement to acquire Howard County Non-Operated Properties of Laredo Petroleum, Inc. (NYSE:LPI) for approximately $110 million on August 16, 2022. NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings under NOG's revolving credit facility. The obligations of the parties to complete the transactions contemplated by the purchase agreement are subject to the satisfaction or waiver of customary closing conditions.

The transaction is expected to close in October 2022. Proceeds from the sale will be used to Support Equity and Debt Repurchase Programs. Transaction is expected to be accretive to key valuation metrics, including TEV / EBITDA, earnings per share, free cash flow and cash flow per share, over a multi-year period. Truist Securities, Inc. acted as financial advisor to Laredo on this transaction.

David Castro Jr., Rahul Vashi, James Dolphin, Jennifer Cornejo, Mark Dundon, Bryan Flannery and Mary Kogut of Kirkland & Ellis LLP acted as legal advisor to NOG. Stephen C. Szalkowski of Latham & Watkins LLP acted as legal advisor to Laredo Petroleum, Inc. (NYSE:LPI).