Reuters, quoting unnamed sources, said NOG’s latest bid, made in recent weeks, was at a roughly 20% premium to Granite Ridge’s share price. (Source: Shutterstock/ NOG)
Northern Oil and Gas (NOG) has distanced itself from a report that it was pursuing an acquisition of fellow non-op E&P Granite Ridge Resources.
Reuters reported Dec. 20 that NOG had made at least two offers for Granite Ridge, which has operations in the Permian Basin and Eagle Ford Shale. Reuters, quoting unnamed sources, said NOG’s latest bid, made in recent weeks, was at a roughly 20% premium to Granite Ridge’s share price.
NOG said Dec. 20 that the company frequently sends expressions of interest to acquire assets or businesses in order to “evaluate and conduct due diligence on potential opportunities. Many of these requests to conduct diligence are rejected.”
“The Company is not currently engaged in formal negotiations to acquire Granite Ridge,” NOG said in a press release.
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