Northern Oil and Gas, Inc. is the latest to make a big acquisition of interests in the Northern Delaware Basin of West Texas.
The Minnesota-based company announced the closing of its $155.1 million cash acquisition of non-operated interests from Alpha Energy Partners. The deal included a $17.5 million deposit paid at the signing in September.
“These assets are poised to deliver substantial growth over the coming years, with some of the lowest cost inventory we have acquired, tied to our top operators in the Permian,” commented Adam Dirlam, NOG’s President. “We remain focused on our mission to allocate capital efficiently, grow our enterprise to bolster long-term returns on capital employed, and increase shareholder returns in kind.”
Alpha Energy Partners is a privately held oil and natural gas company based in Midland, Texas, and is actively acquiring assets across the Permian Basin.