BUYERS:

Northern Oil and Gas, Inc.

SELLERS:

Midland-Petro D.C. Partners, LLC

DETAILS:

COST: 330 $MM

VOLUMES: 4.4 MBOE/d

NOTES:
NOG will acquire a 37% working interest in the Mascot Project, located in Midland County, TX, from Midland-Petro D.C. Partners, LLC for $330 million. The acquisition will be funded with cash, operating free cash flow, and debt from their revolving credit facility. Closing is targeted for January 2023. The deal will add +6.45 Mboe/d in average production for 2023, rising to 7.6 Mboe/d in 2024 and 4.25 Mboe/d in 2025. It includes four drilling spaces, 12.1 producing wells, 5.5 in-process wells, and 17.3 undeveloped properties. NOG has already hedged a large portion of the forecasted production.

REGIONS:

Midland Basin