Northern Oil and Gas Inc.(NOG)continued its acquisition streak on Oct.19 with another multimillion-dollar buy in the Permian Basin."With this transaction,we showcase NOG's expanding capabilities,"said CEO Nick O'Grady in a release."Beyond just a consolidator of nonoperated interests,NOG is proving itself to be an adept and preferred partner for the development of high-quality assets."In the release,NOG announced an agreement to acquire a 36.7 working interest in the Mascot Project from Midland-Petro D.C.Partners LLC(MDPC)for a purchase price of $330 million in cash.The purchase will be funded with cash on hand,operating free cash flow and borrowings.The Mascot Project is operated by Permian Deep Rock Oil Co.,an affiliate of MPDC,which is a David H.Arrington-owned business based in Midland,Texas.NOG expects production from the acquired properties to average roughly 4,400 boe/d in first-quarter 2023 and 6,450 boe/d for full-year 2023(2-stream,about 80 oil),according to the release.
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