One-Page Deal Sheet
Northern Oil Inks $126MM Deal for Appalachia Assets
Northern Oil and Gas, Inc. Reliance Industries Limited
Announced Date
February 03,2021
Effective Date
July 01,2020
Close Date
April 01,2021
Transaction Type
Property
Enterprise Value (EV)($MM)
126
Asset/Basin:
["Appalachian Basin"]
TargetZones:
["Marcellus Shale",
Net Acres
Net Operated Locations:
PV-10 ($MM)
Location
Calculated Metrics( EV/Category)
Region
Northeast - Appalachia
Country
United States
Play
Production Production
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Production ($/Mcfe/d)
Transaction Details: Subscribe to see
Purchase Price Adjustment - 3/10/2021
The purchase price was adjusted to $126.4 million (down from $175 million) due to EQT Corp. exercising rights to certain portions of the original deal.
This deal closed on April 6, 2021.
Changes include:
Unadjusted cash purchase price reduced by $48.6 million to reflect excluded properties, from $175.0 million to $126.4 million Acquired assets reduced by approximately 2,200 net acres, or an approximate 3% reduction Reduces net undeveloped inventory by only approximately 2 net wells, or 1% of the estimated 231 net undeveloped locations Original…Northeast - Appalachia Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| Feb-02-2026 |
-  |
- |
Click here | Texas | E&P |
| Jan-08-2026 |
- |
- |
Click here | West Virginia | E&P |
| Dec-08-2025 |
- |
- |
Click here | West Virginia | E&P |
| Dec-08-2025 |
- |
- |
Click here | Ohio | E&P |
| May-30-2025 |
- |
- |
Click here | Ohio | E&P |
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Feb-02-2026 | Devon Acquires Coterra Energy; Bulk Up on Permian, Adds Gas Bank | - |
- |
| Dec-08-2025 | Antero Resources Acquires HG Energy II for $3.9B | - |
- |
| Apr-22-2025 | EQT Acquires Olympus Energy Assets For $1.8 Billion | - |
- |