NOG Announces Closings of Utica and Northern Delaware Acquisitions
February 05 2024 - 4:05PM
Business Wire
Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) has now closed on
both of its previously announced acquisitions of Utica and Northern
Delaware Basin assets from private sellers.
NOG paid $162.6 million in cash in aggregate initial closing
settlements, with $28.4 million of the closing costs incurred in
the fourth quarter of 2023 and the remaining $134.2 million in the
first quarter of 2024. The first quarter closings were funded in
part by a $17.1 million deposit paid at signing in November 2023.
The closing settlements are net of preliminary and customary
purchase price adjustments and remain subject to post-closing
settlements between the parties. More information regarding these
acquisitions can be found in NOG’s November 21, 2023, press release
announcing the transactions, which is available here.
ABOUT NOG
NOG is a real asset company with a primary strategy of acquiring
and investing in non-operated minority working and mineral
interests in the premier hydrocarbon producing basins within the
contiguous United States. NOG is the largest public dedicated owner
of non-operated energy assets in America. More information about
NOG can be found at www.noginc.com.
SAFE HARBOR
This press release contains forward-looking statements regarding
future events and future results that are subject to the safe
harbors created under the Securities Act of 1933 (the “Securities
Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”).
All statements other than statements of historical facts included
in this release regarding NOG’s dividend plans and practices,
financial position, operating and financial performance, business
strategy, plans and objectives of management for future operations,
industry conditions, indebtedness covenant compliance, capital
expenditures, production, cash flow, hedging and other matters are
forward-looking statements. When used in this release,
forward-looking statements are generally accompanied by terms or
phrases such as “estimate,” “guidance,” “project,” “predict,”
“believe,” “expect,” “continue,” “anticipate,” “target,” “could,”
“plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other
words and similar expressions that convey the uncertainty of future
events or outcomes. Items contemplating or making assumptions about
actual or potential future sales, production, drilling locations,
capital expenditures, market size, collaborations, and trends or
operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond
NOG’s control) that could cause actual results to differ materially
from those set forth in the forward-looking statements, including
the following: changes in crude oil and natural gas prices, the
pace of drilling and completions activity on NOG’s current
properties and properties pending acquisition; infrastructure
constraints and related factors affecting NOG’s properties; cost
inflation or supply chain disruptions; NOG’s ability to acquire
additional development opportunities, potential or pending
acquisition transactions, the projected capital efficiency savings
and other operating efficiencies and synergies resulting from NOG’s
acquisition transactions, integration and benefits of property
acquisitions, or the effects of such acquisitions on NOG’s cash
position and levels of indebtedness; changes in NOG’s reserves
estimates or the value thereof; disruption to NOG’s business due to
acquisitions and other significant transactions; general economic
or industry conditions, nationally and/or in the communities in
which NOG conducts business; changes in the interest rate
environment, legislation or regulatory requirements, conditions of
the securities markets; NOG’s ability to consummate any pending
acquisition transactions; other risks and uncertainties related to
the closing of pending acquisition transactions; NOG’s ability to
raise or access capital; changes in accounting principles, policies
or guidelines; events beyond NOG’s control, including a global or
domestic health crisis, acts of terrorism, political or economic
instability or armed conflict in oil and gas producing regions; and
other economic, competitive, governmental, regulatory and technical
factors affecting NOG’s operations, products and prices.
NOG has based any forward-looking statements on its current
expectations and assumptions about future events. While management
considers these expectations and assumptions to be reasonable, they
are inherently subject to significant business, economic,
competitive, regulatory, and other risks, contingencies and
uncertainties, most of which are difficult to predict and many of
which are beyond NOG's control. Accordingly, results actually
achieved may differ materially from expected results described in
these statements. Forward-looking statements speak only as of the
date they are made. You should consider carefully the statements
under the heading “Risk Factors” in NOG’s Annual Report on Form
10-K for the year ended December 31, 2022, as updated by subsequent
reports NOG files with the SEC. NOG does not undertake, and
specifically disclaims, any duty to update or revise any
forward-looking statements to reflect events or circumstances after
the date of such statements, except as may be required by
applicable law or regulation.
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version on businesswire.com: https://www.businesswire.com/news/home/20240205385036/en/
Evelyn Leon Infurna Vice President of Investor Relations (952)
476-9800 ir@northernoil.com
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