Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Delaware Basin assets from Point Energy Partners, LLC (“Point”), a Vortus Investments company, on September 20, 2024.
NOG jointly acquired the assets with Vital Energy, Inc. (“Vital”), which will become the operator of substantially all the assets. In connection with the transaction, NOG and Vital entered into cooperation and joint operating agreements, which include a multi-year development plan for the Point assets.
At closing, NOG paid $205.0 million in cash, which includes a $22.0 million deposit paid at signing in July 2024. The closing settlement is net of preliminary and customary purchase price adjustments and remains subject to post-closing settlements between the parties. More information regarding this acquisition can be found in NOG’s July 28, 2024 press release announcing the transaction.
