Northern Oil and Gas (NOG) seized on market opportunities created by commodity price “dislocations” to complete several ground game transactions for approximately $25 million in the fourth quarter.
The transactions included 4.6 net wells-in-process and future drilling locations, along with 663 net acres. The company did not disclose where the acquisitions had been made. NOG recently closed acquisitions in the Delaware Basin and Utica Shale. The company also holds interests in the Williston and Appalachian basins.
Half of the acquired net wells turned in line at the end of the fourth quarter and production contributions are expected in first-quarter 2024.
The ground game acquisitions, along with accelerated drilling activity in fourth-quarter 2023, resulted in total fourth-quarter capex of approximately $260 million, excluding non-budgeted acquisitions and other items.
Recommended Reading
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Iraq to Seek Bids for Oil, Gas Contracts April 27
2024-04-18 - Iraq will auction 30 new oil and gas projects in two licensing rounds distributed across the country.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.