Northern Oil and Gas, Inc. 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.

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.