NORTHERN OIL & GAS, INC. (NOG): M&A transaction — NOG closes $468.4M acquisition of 1/3 interest in Novo Delaware Basin assets

NORTHERN OIL & GAS, INC.

NOG paid $468.4M in cash (funded in part by $37.5M deposit) for undivided 1/3 interest in Novo assets.
Earthstone Energy will become operator of substantially all the acquired assets.
Transaction includes multi-year development plan under joint operating and cooperation agreements.
Closing settlement net of preliminary adjustments; subject to post-closing settlements between parties.
Assets are in Northern Delaware Basin from EnCap portfolio company Novo.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NORTHERN OIL & GAS, INC. completed an acquisition involving Earthstone Energy Holdings, LLC for approximately $468.4 million in cash (closed 2023-08-15).

Action: acquisition
Counterparty: Earthstone Energy Holdings, LLC
Consideration: approximately $468.4 million in cash
Closing: 2023-08-15

Exact text from the filing

on August 15, 2023, immediately after the completion of the Purchaser Acquisition, the NOG Acquisition was completed whereby Purchaser transferred to NOG an undivided one-third interest in the Novo Assets pursuant to the Cooperation Agreement in exchange for approximately $468.4 million in cash

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Source: SEC EDGAR

accession 0001104485-23-000147

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