NOG Announces Closing of Permian Basin Acquisition from Veritas Energy
31 Gennaio 2022 - 12:30PM
Business Wire
Northern Oil and Gas, Inc. (NYSE American: NOG) (“NOG”) today
announced the closing of its previously announced acquisition of
non-operated Permian Basin assets from Veritas Energy.
MANAGEMENT COMMENT
“The Veritas acquisition caps an incredible twelve months for
NOG,” commented Nick O’Grady, NOG’s Chief Executive Officer. “We
have grown significantly, diversified into multiple basins,
substantially de-levered the balance sheet, and instituted a
meaningful shareholder return program. The Veritas acquisition,
which is the largest in NOG’s history, furthered all of these goals
and represents a high-quality addition to our asset base. We remain
dedicated to building a low-leverage, diversified company with
growing cash returns for our shareholders.”
VERITAS ACQUISITION
NOG closed the Veritas acquisition on January 27, 2022, with a
combination of cash and equity warrants. The closing settlement was
$419.4 million in cash, which includes a $40.7 million deposit paid
at signing in November 2021, and approximately 1.94 million common
stock warrants with a $28.30 per share exercise price. The closing
cash settlement is net of preliminary and customary purchase price
adjustments and remains subject to final post-closing settlement
between NOG and Veritas. Additional information regarding this
previously announced acquisition can be found at:
www.northernoil.com/news-media/press-releases/detail/301/northern-oil-and-gas-inc-announces-permian-basin.
ABOUT NORTHERN OIL AND GAS
NOG is a company with a primary strategy of investing in
non-operated minority working and mineral interests in oil &
gas properties, with a core area of focus in the premier basins
within the United States. More information about NOG can be found
at www.NorthernOil.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220131005183/en/
Mike Kelly, CFA Chief Strategy Officer (952) 476-9800
ir@northernoil.com
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