Latest News and Analysis
Deals and Transactions
Track Drilling (Rigs by operator) | Completions (Frac Spreads)

    emailEmail    |    bookmarkBookmark

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
Seller
Not Disclosed
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
Williston Basin

Country
United States

State
North Dakota

Play



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
Sep-28-2020 - - Click here New Mexico  E&P
Aug-03-2020 - - Click here North Dakota  E&P
Nov-01-2019 - - Click here North Dakota  E&P
Aug-15-2019 - - Click here Oklahoma  E&P
Jul-31-2019 - - Click here North Dakota  E&P

Price History



Date Deal Headline Price$/acre
Dec-21-2020 Diamondback Energy to Acquire QEP Resources - -
Sep-28-2020 Devon Energy to Acquire WPX Energy In All Stock Deal - -
Aug-03-2020 Northern Oil Inks Cash / Stock Deal for Non-Op Bakken Package - -