Northern Oil And Gas To Acquire 33.33% Undivided Stake In Novo Assets In Partnership With Earthstone Energy For Purchase Price, Net To NOG, Of $500M Cash
Portfolio Pulse from Benzinga Newsdesk
Northern Oil and Gas (NOG) will acquire a 33.33% undivided stake in Novo Assets in partnership with Earthstone Energy (ESTE) for a net purchase price of $500 million cash. The assets are primarily located in Eddy County, New Mexico and eastern Culberson County, Texas.
June 15, 2023 | 11:33 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Earthstone Energy partners with Northern Oil and Gas in the acquisition of a 33.33% undivided stake in Novo Assets, strengthening its position in Eddy County, New Mexico and eastern Culberson County, Texas.
The partnership with Northern Oil and Gas in acquiring a 33.33% stake in Novo Assets will strengthen Earthstone Energy's position in key locations, potentially increasing its production and revenues. This is likely to have a positive impact on ESTE's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Northern Oil and Gas acquires a 33.33% stake in Novo Assets for $500 million cash, expanding its asset base in Eddy County, New Mexico and eastern Culberson County, Texas.
The acquisition of a 33.33% stake in Novo Assets will expand Northern Oil and Gas's asset base in key locations, potentially increasing its production and revenues. This is likely to have a positive impact on NOG's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100