Northern Oil and Gas, Inc. completed the acquisition of Certain Non-Operated Oil and Gas Properties, Interests and Related Assets in Williston Basin from Incline Bakken, LLC.
August 14, 2022
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Northern Oil and Gas, Inc. (NYSE:NOG) entered into a definitive agreement to acquire Certain Non-Operated Oil and Gas Properties, Interests and Related Assets in Williston Basin from Incline Bakken, LLC for approximately $170 million on April 1, 2022. As part of the consideration, seller may earn an additional $5 million contingent payments in 2023 if WTI oil prices exceed $92.50 on December 30, 2022. The acquisition will be funded with cash on hand, operating free cash flow and borrowings under NOG's revolving credit facility. Initial purchase price has transaction multiple of 2.3x. Transaction is expected to close in August 2022. Transaction expected to be accretive to all material valuation metrics. Kirkland & Ellis LLP is acting as legal advisor to NOG. Raymond James acting as lead financial advisor to NOG.
Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of Certain Non-Operated Oil and Gas Properties, Interests and Related Assets in Williston Basin from Incline Bakken, LLC on August 15, 2022. The closing settlement was $159.8 million which includes $158 million in cash and $1.9 million in value attributable to potential additional contingent consideration. The Northern Oil and Gas has agreed to pay $5 million in additional contingent consideration if front month WTI oil price exceeds $ 92.50 on December 30, 2022.
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. completed the acquisition of Certain Non-Operated Oil and Gas Properties, Interests and Related Assets in Williston Basin from Incline Bakken, LLC.
NORTHERN OIL AND GAS, INC. 
