NOG partners with Infinity to acquire Antero Utica assets for $1.2B; NOG share $588M

NORTHERN OIL & GAS, INC.

NOG acquires 49% undivided interest in upstream ($392M) and midstream ($196M) Ohio Utica assets from Antero for total $588M cash.
Upstream includes ~35,000 net acres, expected 2026 production ~65 MMcfe/day (92% gas) with <15% decline and 30%+ CAGR through end of decade.
Midstream comprises 140+ miles gathering pipelines, compression, 90 miles water systems; expected to contribute 19% of ~$100M 2026 cash flow net to NOG.
Closing expected by end of Q1 2026; effective date July 1, 2025; NOG placed $58.8M escrow deposit.
Average annual capital expected ~$100M with one rig program; midstream cash flows expected to grow 140% through end of decade.

item 1.01 item 7.01 item 9.01

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accession 0001193125-25-310561

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