NOG acquired Midland Basin Development Project
The Northern Oil and Gas, Inc (NOG) has announced the closing of its acquisition of the Midland Basin Development Project.
NOG enters into an agreement to acquire a 36.7% working interest in a stacked pay, six-zone development project (Mascot Project) in the core of the Midland Basin for US$330 million.
The portfolio involves producing properties and associated midstream assets, plus 62 gross in-process and future wells in Midland County, Texas, with sub-US$40 per barrel average breakevens. With the transaction average production of 6,450 Boe per day (2-stream, ~80% oil) is being expected for 2023.
Country updates
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