Northern Oil and Gas, Inc. completed the acquisition of 39.958% stake in Mascot Project in Midland Basin for approximately $360 million.
January 04, 2023
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Northern Oil and Gas, Inc. (NYSE:NOG) entered into a definitive agreement to acquire a 36.7% working interest in Mascot Project in Midland Basin from Midland-Petro D.C. Partners, Llc and Collegiate Midstream LLC for approximately $330 million on October 18, 2022. NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings from 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. NOG expects to close the transaction in January 2023. Petrie Partners, LLC acted as financial advisor and Hunton Andrews Kurth LLP acted as legal advisor to Midland-Petro D.C. Partners, Llc. Citigroup Global Markets Inc. acted as financial advisor to Northern Oil and Gas, Inc. Rahul D. Vashi, David M. Castro, Jr., Alia Y. Heintz, Mary Kogut, Bryan D. Flannery, Paul D. Tanaka, Michael D. Thorpe, Mark Dundon, and Ryan D. Phelps of Kirkland & Ellis LLP acted as legal advisor to Northern Oil and Gas, Inc. (NYSE:NOG)
Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of 39.958% stake in Mascot Project in Midland Basin for approximately $360 million on January 05, 2023. The initial closing settlement was $320 million in cash, which includes a $43 million deposit paid at signing in October 2022. NOG upsized the originally announced transaction by acquiring an additional 3.25% working interest in the Mascot Project for an incremental $29.2 million. NOG funded the acquisition with cash on hand, operating free cash flow and borrowings from NOG?s revolving credit facility.
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. 
