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NOG Acquires Northern Delaware/Permian Assets for $157 Million

Announced Date
September 30,2022
Deal Value $
125,000,000
Net Acres
2,800
Transaction Type
Asset
Buyer
Northern Oil and Gas, Inc.
Seller
Alpha Energy Partners
Price Per BOE $
40,000
Source Documents:
   Source Link
   Source Link
Location
Region
Permian

Country
United States

State
Texas

County
Loving

Play
Delaware Basin


Production
Production
3,000 Boe/d

Production Mix
68 % Oil


Multiples
Production ($/boe/d)
41,667

$Price/Net Acre
44,643

$Price/Adj. Net Acre
1,786

Adj. $/acre is based on production @40,000 Boe/d

Transaction Details: 

Northern Oil and Gas has acquired non-operated interests in the Delaware Basin from Alpha Energy Partners for a purchase price of $157.5 million in cash.

Deal Highlights:

  • Land: 2,800 net acres located in Lea and Eddy counties, NM and Loving County, TX
  • Type: Non-Op
  • Production: 3-3.5mbo/d
  • Stream: 68% Oil
  • Price: $157million (plus $25million contingency)

The deal includes a contingent where as if oil > $87/bbl for the first six months of 2023, the company will pay an additional $25 million.

The acquired assets are located in Lea and Eddy counties, NM and Loving County, TX, and include approximately 2,800 acres, 9.6 net producing wells, 2.8 net AFEs and wells-in-process and approximately 21.2 net undeveloped locations.

The primary operator of the assets is Mewbourne Oil, among others such as Conoco and EOG.  The assets are located in the northern delaware area.

Deal Presentation.

Permian Deal Activity In Last 12 Months


Other Permian Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-16-2022 - - Click here Texas  E&P
Sep-13-2022 - - Click here Texas  E&P
Sep-06-2022 - - Click here   E&P
Jun-27-2022 - - Click here Texas  E&P
Jun-27-2022 - - Click here New Mexico  E&P

Price History


Date Deal Headline Price$/acre
Jan-17-2023 Permian Resources Acquires New Mexico Assets For $98 Million - -
Jun-28-2022 Earthstone Acquires Permian Assets of PE-Backed E&P for $575 Million - -
May-19-2022 Centennial and PE-Backed Colgate Combine - -

Other Northern Oil and Gas Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Aug-17-2022 - - Click here Texas  E&P
Jun-08-2022 - - Click here North Dakota  E&P
Nov-17-2021 - - Click here Texas  E&P
Oct-11-2021 - - Click here North Dakota  E&P
Jun-16-2021 - - Click here Texas  E&P