Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Uinta Basin assets from XCL Resources, LLC (“XCL”) on October 1, 2024. The closing included the assets previously owned by Altamont Energy, LLC (“Altamont”). These transactions provide NOG with over a decade of Tier 1 inventory across ~15,800 net acres in the Uinta Basin with ~116 net underwritten undeveloped locations and additional exploration upside potential.
NOG jointly acquired the assets with SM Energy, Inc. (“SM”), which will become the operator of substantially all the assets. In connection with the transaction, NOG and SM entered into cooperation and long-term joint development agreements.
At closing, NOG paid $511.2 million in cash, funded in part by a $25.5 million deposit paid at signing in June 2024. The closing settlement includes the purchase of the Altamont assets, 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 June 27, 2024 and August 7, 2024 press releases announcing the XCL and Altamont transactions.