NOG closes $168 million Delaware basin acquisition

World Oil Staff July 04, 2023

(WO) – Northern Oil and Gas, Inc. closed its previously announced acquisition of Delaware basin assets from Forge Energy II Delaware, LLC, an EnCap portfolio company, on June 30, 2023.

NOG jointly acquired the Delaware basin assets with Vital Energy, Inc., which will become operator. In connection with the transaction, NOG and Vital entered into cooperation and joint operating agreements, which include a multi-year development plan for the Forge assets.

At closing, NOG paid $167.9 million in cash. The closing settlement is net of preliminary and customary purchase price adjustments and remains subject to post-closing settlements between the parties.

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