Northern Oil and Gas Spends $114.8MM on W Energy Partners Buy
Northern Oil and Gas, Inc. closed on its acquisition of W Energy Partners' assets Oct. 1 for $114.8 million cash and about 51.47 million shares of Northern common stock.
Assets acquired include about 27.2 net producing wells and 5.9 net wells in progress, as well as about 10,633 core net acres in North Dakota – estimated to provide about 51.9 net future drilling locations.
The purchase marks the largest acquisition in Northern’s history.
“The closing of our third acquisition this year shows our unwavering commitment to deliver on highly accretive acquisitions,” Northern’s CEO Brandon Elliott said in a company statement. “With our recently announced refinancing transactions, we have further strengthened our balance sheet and lowered interest expense.”
Northern Oil and Gas, based in Minnetonka, Minnesota, is an exploration and production company with core focus areas in the Williston, Bakken and Three Forks plays in North Dakota and Montana.
W Energy Partners is a private company that acquires non-operating interest in oil and gas wells.
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