NOG announces second joint acquisition with Vital Energy in the Delaware Basin

Northern Oil and Gas (NOG) announced that it has entered into a definitive agreement to acquire a 20% undivided stake in the Point Assets in the Delaware Basin, in partnership with Vital Energy (VTLE), for a purchase price net to NOG of $220.0M in cash, subject to typical closing adjustments. The acquired Assets are primarily located in Ward County, Texas and include approximately 4,000 net leasehold and mineral acres, 26.4 net producing wells, 1.6 net wells-in-process and about 12.1 low-breakeven net undeveloped locations. Upon closing, the operator of the assets will be Vital, with NOG participating in development pursuant to cooperation and joint operating agreements entered into with Vital in connection with the acquisition. Recent production on the Acquired Assets was greater than4,500 Boe per day. For the fourth quarter of 2024, NOG expects average production of greater than3,250 Boe per day and approximately $11.3M of capital expenditures. The effective date for the transaction is April 1, 2024, and NOG expects to close the transaction in the late third quarter of 2024.