Northern Oil and Gas, Inc. closed its previously announced acquisition of Delaware Basin assets from Forge Energy II Delaware, LLC, an EnCap portfolio company, on 30 June 2023.
NOG jointly acquired the assets with Vital Energy, Inc. which will become the operator of 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 Forge assets.
At closing, NOG paid US$167.9 million in cash. 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’s15 May 2023, press release announcing the transaction.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/05072023/nog-announces-closing-of-forge-delaware-basin-acquisition/