Vital, NOG Close $1.1B Acquisition of Point Energy

Point Energy Partners has closed a $1.1 billion cash sale of its Delaware Basin assets to Vital Energy and non-op E&P Northern Oil and Gas (NOG), Point Energy said on Sept. 23.

Under the terms of the agreement, Vital acquired 80% of Point Energy’s assets, with NOG acquiring the remaining 20%.  

Vital said it is paying $1.4 million per undeveloped location, according to the company’s acquisition presentation.

NOG paid about $220 million for its 20% interest in Point Energy. Northern said it will acquire assets primarily located in Ward County, Texas.