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Mascot Project Acquisition: NOG says Midland Basin Deal Is Completed
01/24/2023
On January 5 Northern Oil & Gas (NOG) concluded a deal to acquire working interests in Midland-Petro D.C. Partners LLC (MPDC)'s Mascot Project in the Midland Basin, according to a January 9 press release.
Firstly estimated at $330 million in cash, the deal was signed with an additional 3.25% working interest added to the 36.7% agreed upon when the transaction was announced on October 19. NOG paid $29 million more for the additional interests, which now totalled 39.958%.
Finally, the deal closed for $320 million in cash and $43 million in debt at signing in October with the finance of Minnetonka, Minn.-based NOG with cash on hand, operating free cash flow, and assistance from its revolving credit facility.
The Mascot Project was operated by Permian Deep Rock Oil Co., an affiliate of MPDC, which is a David H. Arrington-owned business based in Midland, Texas. NOG expects the production from the purchased properties to average roughly 4,400 boe/d in the first quarter of 2023 and 6,450 boe/d for the full-year 2023 (2-stream, about 80% oil).
Northern Oil and Gas, Inc is an independent energy company. The Company is engaged in the acquisition, exploration, development, and production of oil and natural gas properties. Its properties are mainly situated in the Bakken and Three Forks formations within the Williston Basin in North Dakota and Montana.
The company's main focus is oil exploration and production through non-operated working interests in wells drilled and completed in spacing units that include its acreage. The company also holds an interest in assets and wells in Lea County, in the Delaware Basin. Moreover, it holds an interest in upstream assets of Marcellus shale play, which is in southwestern Pennsylvania in the US.
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