NOG pays C$59K/boepd for NON-operated production in NDAnother Bakken deal was out today. NOG pays approximately US$45,000 per flowing barrel or approximately
CAD$59,000 per flowing barrel in the Williston Basin
for NON-operated production, see below.
For reference,
ZAR is the operator of its producing asset in North Dakota.
Northern Oil & Gas buys Williston acreage in cash and stock deal
Jul. 31, 2018 7:16 AM ET|About: Northern Oil & Gas, Inc (NOG)|By: Carl Surran, SA News Editor
Northern Oil & Gas (NYSEMKT:NOG) agrees to acquire 10.6K acres in the Williston Basin producing 6,750 boe/day from W Energy Group for $100M and 56.37M common shares.
MINNEAPOLIS--(BUSINESS WIRE)-- Northern Oil and Gas, Inc. (NYSE American: NOG) announced today that it has entered into a definitive agreement with W Energy Partners for the largest acquisition in Northern’s history. At closing, the acquisition will represent approximately 6,750 barrels of oil equivalent (Boe) per day of production and 10,600 net acres in the core of the Williston Basin. Total consideration at closing will consist of $100 million in cash (subject to customary adjustments) and 56.37 million shares of Northern common stock, which will be subject to an equity lock-up feature.
“The W Energy acquisition will add robust drilling inventory under some of the best acreage in the Williston Basin,” commented Northern’s founder and President, Mike Reger. “This asset fits perfectly with Northern’s existing core leasehold and drilling inventory and is highly complementary to our recently announced Pivotal acquisition. With significant excess cash flow from these acquisitions, we are in a position to further our strategy as the natural consolidator of non-operated working interests in the Williston Basin.”