Northern Oil and Gas, Inc. entered into an agreement to acquire approximately 320 acres of core Williston Basin properties from WPX Energy, Inc. for $1.5 million.

Northern Oil and Gas, Inc. (AMEX:NOG) entered into an agreement to acquire approximately 320 acres of core Williston Basin properties from WPX Energy, Inc. (NYSE:WPX) for $1.5 million on June 10, 2020. Total consideration at closing will consist of $1.5 million in cash for the acreage, subject to customary adjustments. The transaction is expected to be completed by July 1, 2020.

The deal is expect this deal to be materially accretive to cash flow in 2021 and expected to generate $11.3 million of 2021 cash flow from operations at June 5, 2020 strip prices; expected payback period under 1.5 years.