NOG - Northern Oil and Gas to buy Laredo Midland Basin assets in $110M deal

Northern Oil and Gas ( NYSE: NOG ) said on Wednesday it agreed to acquire assets in Texas' Midland Basin from Laredo Petroleum ( NYSE: LPI ) for $110M in cash.

The non-operated assets comprise ~1,650 net acres and have expected FY 2023 average net production of ~1,800 boe/day (~72% oil).

The assets include 6.4 net producing wells, 1.6 net wells-in-process and ~8 net undeveloped locations; nearly all of the assets are operated by SM Energy ( SM ).

Northern Oil ( NOG ) said it expects the deal will be accretive to key valuation metrics, including TEV/EBITDA, earnings per share, free cash flow and cash flow per share, over a multi-year period.

Earlier this year, Northern Oil and Gas ( NOG ) made a bolt-on acquisition of assets in North Dakota's Williston Basin for $170M .

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