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Northern Oil and Gas to Acquire Williston Basin Assets.

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Vincent

MANews-(C)2009-2022

US-based Northern Oil and Gas, Inc. (NYSE: NOG) has entered into a definitive agreement to acquire non-operated interests in the Williston Basin for an initial purchase price of USD 170m in cash, subject to typical closing adjustments, the company said.

The seller may earn an additional USD 5m in contingent payments in 2023 if WTI oil prices exceed USD 92.50 on December 30, 2022.

NOG expects to fund the acquisition with cash on hand, operating free cash flow and borrowings under NOG's revolving credit facility.

At closing, production on the assets is expected to be greater than 2,300 Boe per day (2-stream, ~85% oil) and NOG expects average production of approximately 2,500 Boe per day over the next twelve months post-closing (2-stream, ~83% oil).

NOG expects approximately USD 15m of capital expenditures to be incurred post-closing in 2022.

The acquired assets are primarily located in Dunn, McKenzie and Williams Counties, ND and include approximately 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process and 14.9 net engineered economic undeveloped locations.

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