NOG - Northern Oil and Gas to buy 30% stake in Forge assets in $162M deal
2023-05-15 16:24:27 ET
- Northern Oil and Gas ( NYSE: NOG ) said Monday it agreed to acquire a 30% stake in the Forge assets in the Delaware Basin in partnership with Vital Energy ( VTLE ), for a $162M purchase price in cash net to NOG.
- The acquired assets are located primarily in Texas' Ward and Reeves Counties, and include about ~10.2K net acres, 30.5 net producing wells, 2.3 net wells-in-process and ~20 low-breakeven net undeveloped locations; recent production was ~3,400 boe/day, and Northern Oil ( NOG ) expects average production of more than 3,750 boe/day for this year's H2.
- Vital Energy ( VTLE ) will be operator of the assets upon closing, with Northern Oil ( NOG ) participating in development pursuant to cooperation and joint operating agreements entered into with Vital in connection with the acquisition.
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Northern Oil and Gas to buy 30% stake in Forge assets in $162M deal