NOG Announces Closing of Permian Basin Acquisition from Veritas Energy

Source: www.gulfoilandgas.com 1/31/2022, Location: North America

Northern Oil and Gas, Inc. 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.


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