Northern Oil And Gas Announces $1.2 Bln Joint Acquisition With Infinity Natural Resources

(RTTNews) - Northern Oil and Gas, Inc. (NOG) announced that it has entered into a definitive agreement in partnership with Infinity Natural Resources to acquire the Ohio Utica Shale Assets of Antero Resources Corp. and Antero Midstream Corp. for a combined unadjusted purchase price of $1.2 billion in cash.

Northern Oil and Gas will acquire a 49% undivided ownership in the Ohio Utica Assets for $588 million in cash, subject to customary closing adjustments, with 67% of the Purchase Price allocated to the upstream assets and 33% of the Purchase Price allocated to the midstream assets.

The acquired assets are located in the Utica shale of eastern Ohio and include approximately 35,000 net acres with over 100 gross identified undeveloped locations.

Northern Oil and Gas will add substantial natural gas and associated basis hedges on a multi-year basis associated with the transaction.

The estimated 2026 production net to Northern Oil and Gas of about 65 MMcfe per day with an anticipated 30%+ CAGR through the end of the decade, with volumes expected to more than triple.

The assets are expected to support a significant increase to the Borrowing Base and Elected Commitment under Northern Oil and Gas' Reserves Based Lending Facility upon closing.

Northern Oil and Gas will fund the transaction with cash flow from operations, cash on hand and borrowings under its Reserves Based Lending Facility.

Upon closing and transition of services, Infinity will be the operator of substantially all of the assets, with Northern Oil and Gas participating in development pursuant to cooperation and multi-year joint development agreements entered into in connection with the acquisition.

The effective date for the transaction is July 1, 2025, and closing is expected by the end of the first quarter of 2026.