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.
Recommended Reading
ConocoPhillips Sells $600MM in Noncore Permian Basin Assets
2025-02-06 - Following its $22.5 billion deal to buy Marathon Oil, ConocoPhillips is targeting $2 billion in asset sales— a goal a company executive said would largely be achieved this year.
TPG to Buy Solar Company Altus Power, Take Private in $2.2B Deal
2025-02-06 - TPG's all-cash acquisition, being made through the TPG Rise Climate Transition Infrastructure strategy, takes the public company Altus Power private at a 66% premium to the company's Oct. 15 share price.
Inpex to Acquire Renewable Energy Portfolio in Australia
2025-02-06 - Inpex Corp.’s JV will acquire a 4-gigawatts portfolio that includes wind, solar and battery energy storage system assets in Australia.
Ecopetrol Closes $452MM Deal for Repsol’s Interests in Colombian Block
2025-02-06 - Ecopetrol has completed a deal with Repsol Colombia Oil & Gas Ltd. to acquire its 45% participation interest in CPO-09 Block—assets GeoPark Ltd. had originally proposed buying.
Q&A: Exxon Mobil Pioneers the Permian and Guyana
2024-12-03 - Liam Mallon, Exxon Mobil’s upstream president, discusses how XOM liquids production has hit a 40-year high on the 25th anniversary of the Exxon-Mobil merger, and plans for the future.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.