MINNEAPOLIS–(BUSINESS WIRE)–Northern Oil and Gas, Inc. (NYSE American: NOG) today announced that it has closed on the previously announced W Energy Partners acquisition, which is the largest acquisition in Northern’s history. The acquired assets consist of approximately 27.2 net producing wells and 5.9 net wells in progress, as well as approximately 10,633 core net acres in North Dakota, which the company estimates will provide approximately 51.9 net future drilling locations.
“The closing of our third acquisition this year shows our unwavering commitment to deliver on highly accretive acquisitions,” commented Northern’s Chief Executive Officer, Brandon Elliott. “The team has demonstrated our ability to find, fund and close deals that grow our production, cash flow and core drilling inventory. With our recently announced refinancing transactions, we have further strengthened our balance sheet and lowered interest expense. With enhanced liquidity, we have positioned the Company to continue to deliver value for all our stakeholders.”
On October 1, 2018, Northern closed the previously announced W Energy acquisition with a combination of cash and stock. Closing consideration consists of approximately $114.8 million in cash and 51,476,961 shares of Northern common stock. Additional details regarding the transaction are available in Northern’s Current Report on Form 8-K that was filed today with the SEC.
ABOUT NORTHERN OIL AND GAS
Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana.