TRT Holdings, Inc. along with Cresta Investments, LLC cancelled the acquisition of stake in Northern Oil and Gas, Inc..
January 01, 2016 at 11:00 pm EST
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TRT Holdings, Inc. along with Cresta Investments, LLC entered into letter agreement to acquire a stake in Northern Oil and Gas, Inc. (AMEX:NOG) on January 2, 2015. Under the terms, TRT and its affiliates will acquire Northern Oil's common stock in excess of 10% but less than 20% of the issued and outstanding shares. The agreement also provides that if TRT and other buyers becomes the beneficial owner of 20% or more of Northern Oil's common stock without approval from a committee of disinterested Directors of Northern Oil, then TRT may not, for a period of four years, engage in certain extraordinary transactions with Northern Oil, including a merger, tender or exchange offer and certain purchases of securities and assets, also TRT will vote for Northern Oil's recommended slate of Directors at the annual shareholders meeting of2015 and TRT will not make a proposal regarding certain extraordinary transitions with the Company until the earlier of May 30, 2015 and the Company's 2015 annual meeting like a merger, tender or exchange offer and certain purchases of securities and assets. The deal has been approved by the committee of disinterested Directors of Northern Oil's Board of Directors.
TRT Holdings, Inc. along with Cresta Investments, LLC cancelled the acquisition of stake in Northern Oil and Gas, Inc. (AMEX:NOG) on January 2, 2016.
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.