NOG recently closed acquisitions in the Delaware Basin and Utica Shale. (Source: Shutterstock)
Northern Oil and Gas (NOG) seized on market opportunities created by commodity price “dislocations” to complete several ground game transactions for approximately $25 million in the fourth quarter.
The transactions included 4.6 net wells-in-process and future drilling locations, along with 663 net acres. The company did not disclose where the acquisitions had been made. NOG recently closed acquisitions in the Delaware Basin and Utica Shale. The company also holds interests in the Williston and Appalachian basins.
Half of the acquired net wells turned in line at the end of the fourth quarter and production contributions are expected in first-quarter 2024.
The ground game acquisitions, along with accelerated drilling activity in fourth-quarter 2023, resulted in total fourth-quarter capex of approximately $260 million, excluding non-budgeted acquisitions and other items.
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