Northern Oil and Gas Closes Acquisition of Natural Gas Assets from Reliance Marcellus.
MANews-(C)2009-2021
US-based Northern Oil and Gas, Inc. has closed the acquisition of certain non-operated assets in the Appalachian Basin from Reliance Marcellus, LLC in a USD 175m cash transaction, the company said.
Total consideration consists of cash and approximately 3.25m warrants to purchase shares of Northern's common stock at an exercise price of USD 14.00 per share.
The transaction is expected to be funded through a combination of equity and debt financings and is anticipated to be leverage neutral on a trailing basis and leverage accretive on a forward basis.
At the effective date of July 1, 2020, the Assets were producing approximately 120 MMcfe/d of natural gas equivalents, net to Northern's ownership.
In 2021E, the Assets are expected to produce approximately 100 - 110 MMcfe/d (or approximately 19,000 Boe/d) net to Northern and consist of approximately 64,000 net acres containing approximately 102.2 net producing wells, approximately 22.6 net wells in process, and approximately...
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