Northern Oil and Gas Inc. (NOG) acquired non-operated Williston basin assets from a private seller. The acquired assets are primarily in Dunn, McKenzie, and Williams Counties, ND and include about 3,500 acres, 9.2 net producing wells, 2.6 net wells-in-process, and 14.9 net engineered economic undeveloped locations. NOG expects 0.8 net wells to be turned-in-line in 2022 post-closing.
Production on the assets is expected to be greater than 2,300 boe/d (2-stream, about 85% oil) and NOG expects about 2,500 boe/d average production over the next 12 months, post-closing.
Closing date for the acquisition was Aug. 15, 2022. The closing settlement was $158.0 million in cash, which includes a $17-million deposit paid at signing in June 2022.
The assets are operated primarily by Marathon Oil Corp., Continental Resources Inc., and ConocoPhillips. NOG owns existing interests in about 50% of the acquired property value.
About the Author
Alex Procyk
Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).