Page 10 - NorthAmOil Week 23 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM NOG has entered into a definitive April 1, 2022, and NOG expects to close the
agreement to acquire non-operated interests transaction in August 2022. The obligations
Perpetual Energy in the Williston Basin for an initial purchase of the parties to complete the transactions
price of $170mn in cash, subject to typical
contemplated by the purchase agreement
announces expanded credit closing adjustments. The Seller may earn an are subject to the satisfaction or waiver of
customary closing conditions.
additional $5mn in contingent payments
facility in 2023 if WTI oil prices exceed $92.50 on NORTHERN OIL AND GAS, June 07, 2022
December 30, 2022. NOG expects to fund
Perpetual Energy announced today that the the acquisition with cash on hand, operating
semi-annual borrowing base redetermination free cash flow and borrowings under NOG’s MIDSTREAM
of the company’s first lien credit facility revolving credit facility.
has been completed and the previous At closing, production on the assets is Matador Resources
CAD17.0mn borrowing limit has been expected to be greater than 2,300 Boe per
increased to CAD30.0mn with an initial term day (2-stream, ~85% oil) and NOG expects announces strategic
to May 31, 2023 and which may be extended average production of approximately 2,500
for a further twelve months to May 31, 2024 Boe per day over the next twelve months post- acquisition of midstream
subject to lender approval. If not extended closing (2-stream, ~83% oil). NOG expects
by May 31, 2023, all outstanding advances approximately $15mn of capital expenditures assets in Eddy and Lea
would be repayable on May 31, 2024. The next to be incurred post-closing in 2022. These
semi-annual borrow base redetermination is high-quality properties have operating costs Counties, New Mexico
scheduled on or before November 30, 2022. lower than NOG’s corporate average on its
PERPETUAL ENERGY, June 08, 2022 Williston Basin properties. Matador Resources today announced that
The acquired assets are primarily located one of its wholly-owned subsidiaries has
NOG announces Williston in Dunn, McKenzie and Williams Counties, entered into a definitive agreement with
a wholly-owned subsidiary of Summit
ND and include approximately 3,500 acres,
Basin bolt-on acquisition, 9.2 net producing wells, 2.6 net wells-in- Midstream Partners to acquire Summit’s Lane
process and 14.9 net engineered economic
Gathering and Processing System (the Lane
increased 2022 activity, undeveloped locations. NOG expects 0.8 G&P system) in Eddy and Lea Counties, New
Mexico for $75mn, subject to customary
net wells to be turned-in-line in 2022 post-
shareholder return update closing. The assets are operated primarily by transaction adjustments. In connection with
the transaction, the company will assume
Marathon Oil, Continental Resources and
Northern Oil and Gas today announced that ConocoPhillips, and NOG owns existing certain takeaway capacity on the Double
it has entered into an acquisition agreement in interests in approximately 50% of the acquired E pipeline, a FERC-regulated natural gas
the Williston Basin and provided additional property value. pipeline operated by Summit. The acquisition
updates on operations and guidance. The effective date for the transaction is is subject to customary closing conditions and
is expected to close in the second quarter of
2022.
Joseph Wm. Foran, Matador’s founder,
chairman and chief executive officer, said:
“We are excited to announce this strategic
acquisition of the Lane G&P System, which
includes a 60mn cubic feet per day cryogenic
natural gas processing plant, three compressor
stations and approximately 45 miles of natural
gas gathering pipelines. This acquisition is a
further extension of our strategy to control
our midstream operations and to use our
midstream assets to further enhance and assist
our operations. To accomplish this, we expect
to expand the Lane G&P System to support
our environmental, safety, exploration and
production efforts in northern Eddy and Lea
Counties, New Mexico. We are also pleased to
acquire additional takeaway capacity from the
Delaware Basin to ensure our and our third-
party customers’ natural gas is transported
to market. We thank both the Summit
and Matador teams for their diligence in
negotiating this transaction and look forward
to closing later this month.”
MATADOR RESOURCES, June 09, 2022

P10 www. NEWSBASE .com Week 23 09•June•2022