Northern Oil and Gas has entered into a definitive agreement to acquire non-operated interests across more than 400 producing wellbores located primarily in Williams, McKenzie, Mountrail and Dunn Counties, N.D., for a purchase price of $154 million.
Northern expects a significant increase to its borrowing base from both the acquired and existing assets and will begin the process to expand its elected commitment during its regularly scheduled fall borrowing base redetermination, which it expects to complete in November 2021.
October production on the assets is expected to be greater than 4,500 barrels of oil equivalent (BOE) per day (2-stream, approximately 65 percent oil), and Northern expects average production of more than 4,100 BOE per day in 2022 (2-stream, approximately 65 percent oil). Northern expects negligible capital expenditures on the assets.
The acquired assets include 65.9 net producing wells. The assets are operated by multiple operators in the Wi
