Tulsa’s Vital Energy, Inc. and Northern Oil and Gas, Inc. announced this week they closed their $1.1 billion acquisition of oil and gas operations in the Permian Basin. The deal just increased the holdings for Vital.
Vital Energy acquired 80% and NOG the remaining 20% of Point Energy Partners which is a portfolio company of Vortus Investments Advisors. Vital’s share was $815 million and the acquisition included holdings in Ward and Winkler counties of west Texas.
What Vital and NOG ended up owning were 68 gross inventory locations and 16,300 net acres. The wells had net production of about 30,000 barrels of oil equivalent a day consisting of 67% oil.
The transaction increases Vital’s Delaware Basin position by approximately 25 percent to 84,000 net acres.
Point Energy said in a news release that it had achieved “a significant milestone in its operational journey,” increasing production from an initial 300 net boepd to over 40,000 net boepd over a span of six years.
“This incredible achievement would not have been possible without our remarkable staff and team members who have all contributed to our success. Their dedication and expertise have been instrumental in driving our growth and innovation,” Point Energy CEO Bryan Moody said. “We have enjoyed collaborating with and look forward to watching Vital and NOG build upon the success achieved to date on these assets”.
