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Northern Oil & Gas Bolts-On Property in Williston Basin

Announced Date
June 11,2020
Deal Value $
1,500,000
Net Acres
320
Location Count
9
Transaction Type
Property
Buyer
Northern Oil and Gas, Inc.
Seller
Not Disclosed
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
Williston Basin

Country
United States

State
North Dakota

Play
Bakken Shale & Three Forks



Multiples
$Price/Net Acre
4,688

$Price/Adj. Net Acre
4,688

Transaction Details: 

Bakken Non-Op Northern Oil and Gas, Inc. has inked a deal to acquire core Williston Basin properties for $1.5 million in cash.

The seller was not disclosed, but the properties are operated by WPX Energy.

Deal Details:

  • Includes 320 acres (~9 gross drilling locations / 2.1 net)
  • Acreage expected to produce approximately 1,200 Boe per day in 2021, and wells are expected to be online in the first quarter of 2021
  • Northern has entered additional commodity hedging instruments at prices higher than the strip for 2021

Closing is expected on July 1, 2020.

Northern’s Chief Operating Officer, Adam Dirlam said: “We have consistently believed this environment would create opportunities for our shareholders in 2020 and beyond, and budgeted for opportunities like this. This acquisition, while modest in size, is located in the heart of the core with one of the top operators in the Williston Basin and highlights Northern’s competitive advantage as an actively managed non-operator. We expect this deal to be materially accretive to cash flow in 2021, yet represents no additional capital spending to our stated 2020 budget.”

Williston Basin Deal Activity In Last 12 Months


Other Williston Basin Region's Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jan-31-2024 - - Click here North Dakota  E&P
Aug-24-2023 - - Click here North Dakota  E&P
Sep-06-2022 - - Click here   E&P
Jul-11-2022 - - Click here Texas  E&P
Jul-06-2022 - - Click here Montana  E&P

Price History


Date Deal Headline Price$/acre
Apr-03-2023 Grayson Mill Adds More Bakken, Acquires Ovintiv's Assets For $825 Million - -
Sep-06-2022 Sitio Royalties, Brigham to Merge in All-Stock Deal Worth $4.8 Billion - -
Jun-08-2022 Devon Acquires Williston Assets from PE-Backed E&P in $865 Million Cash Deal - -

Other Northern Oil and Gas Deals


Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-21-2023 - - Click here Ohio  E&P
Sep-30-2022 - - Click here Texas  E&P
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