Northern Oil and Gas Inc. said June 7 that it has closed the acquisition of oil and gas properties in the Williston Basin from Salt Creek Oil and Gas LLC, a subsidiary of Deutsche Rohstoff AG, for $40 million in cash and 6 million shares of Northern common stock.
All nonoperated properties include 1,380 barrels of oil equivalent per day of production along with 1,319 net acres in the core of the Williston Basin, N.D., that are 100% held by production and have an average net revenue interest of 86%.
Northern also acquired interests in 86 gross (6.5 net) wells currently producing, drilling or awaiting completion and an estimated 137 gross (8.2 net) wells of future drilling inventory.
Operators of the assets include Hess Corp., Whiting Petroleum Corp., ConocoPhillips and Equinor ASA, formerly known as Statoil ASA.
