Northern Oil and Gas (NOG) to Expand Footprint in Uinta Basin

Core Viewpoint - Northern Oil and Gas, Inc. (NOG) and SM Energy Company (SM) are acquiring additional assets in the Uinta Basin, enhancing their operational footprint and production capabilities [1][5]. Acquisition Details - NOG plans to acquire a 20% undivided stake in Uinta Basin assets for $17.5 million in cash, previously owned by Altamont Energy LLC [1][2]. - The acquisition will expand NOG's footprint by approximately 6,500 acres, with an estimated 18 net undeveloped locations [3]. - The assets are expected to produce 250 barrels of oil equivalent (BOE) per day [3]. Transaction Timeline - The acquisition is expected to be concluded in the fourth quarter of 2024, alongside the XCL asset acquisition [4]. - Following the transaction, SM Energy will operate the assets, while NOG will participate in their development under a cooperation agreement [4]. Strategic Impact - The acquisition is projected to increase NOG's Uinta inventory by nearly 20% and expand its acreage by 70% [5]. - The transaction is seen as offering significant exploration potential with minimal cash outlay [5].