A Minnesota oil and gas exploration company that focuses its efforts in the Bakken shale of North Dakota and Montana has wrapped up its largest acquisition.
Northern Oil and Gas Inc. announced it closed on the purchase of W Energy Partners in a purchase involving nearly $115 million in cash and 51,47,961 shares of Northern common stock.
The deal includes nearly 27.2 net producing wells and 5.9 net wells in progress as well as 10,633 core net acres in North Dakota. Northern anticipates the acreage will provide at least 52 future drilling locations.
The company has focused its production efforts in the Williston Basin, Bakken and Three Forks play in North Dakota and Montana.
“The closing of our third acquisition this year shows our unwavering commitment to deliver on highly accretive acquisitions,” commented Northern’s Chief Executive Officer, Brandon Elliott. “The team has demonstrated our ability to find, fund and close deals that grow our production, cash flow and core drilling inventory. With our recently announced refinancing transactions, we have further strengthened our balance sheet and lowered interest expense. With enhanced liquidity, we have positioned the Company to continue to deliver value for all our stakeholders.”