M&A Deal Summary

Northern Oil and Gas Acquires Veritas Energy - Permian Basin Assets

On November 16, 2021, Northern Oil and Gas acquired oil/gas exploration company Veritas Energy - Permian Basin Assets from Veritas Energy Partners Holdings for 419M USD

Acquisition Highlights
  • This is Northern Oil and Gas’ 3rd transaction in the Oil/Gas Exploration sector.
  • This is Northern Oil and Gas’ largest (disclosed) transaction.
  • This is Northern Oil and Gas’ 3rd transaction in the United States.
  • This is Northern Oil and Gas’ 1st transaction in Texas.

M&A Deal Summary
Date 2021-11-16
Target Veritas Energy - Permian Basin Assets
Sector Oil/Gas Exploration
Buyer(s) Northern Oil and Gas
Sellers(s) Veritas Energy Partners Holdings
Deal Type Divestiture
Deal Value 419M USD

Target

Veritas Energy - Permian Basin Assets

Westworth Village, Texas, United States
Veritas Permian Basin Assets' current production is approximately ~9,100/11,500 Boe per day (2-stream/3- stream, ~60% oil), and Northern expects average production of more than 10,500 Boe per day in 2022 (2-stream, ~60% oil). The assets are primarily located in Lea and Eddy counties, NM, and Loving, Reeves, Ward, and Winkler counties, Texas.

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Buyer(S) 1

Buyer

Northern Oil and Gas

Minnetonka, Minnesota, United States

website

Category Company
Sector Oil/Gas Exploration
Employees25
Revenue 975M USD (2021)
DESCRIPTION

Northern Oil and Gas is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. Northern Oil and Gas is based in Minnetonka, Minnesota.

DEAL STATS #
Overall 3 of 4
Sector (Oil/Gas Exploration) 3 of 4
Type (Divestiture) 3 of 3
State (Texas) 1 of 2
Country (United States) 3 of 4
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-22 Flywheel Bakken - Williston Basin Properties

Oklahoma City, Oklahoma, United States

Flywheel Bakken LLC - Williston Basin Properties produce approximately 6,600 barrels of oil equivalent (“Boe”) per day (2-stream) during the second half of 2019 and consist of approximately 18,000 net acres containing 86.9 net producing wells, 2.7 net wells in process, and 47.5 net undrilled locations across the heart of the Williston Basin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-15 Novo Oil & Gas - Northern Delaware Basin Permian Assets

Eddy County, Texas, United States

Novo Oil & Gas' Northern Delaware Basin Permian Assets include approximately 5,600 net acres, 29.2 net producing wells, 7.2 net wells-in-process and 59.9 low-breakeven net undeveloped locations. Novo Oil & Gas' Northern Delaware Basin Permian Assets are based in Eddy County, Texas.

Buy -

Seller(S) 1

SELLER

Veritas Energy Partners Holdings

Westworth Village, Texas, United States

website

Category Company
Sector Oil/Gas Exploration
DESCRIPTION

Veritas Energy Partners Holdings LLC is an exploration and production company involved in the acquisition and development of oil and gas properties.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Texas) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
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