M&A Deal Summary

NOG Acquires Veritas Energy - Permian Basin Assets

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

Acquisition Highlights
  • This is NOG’s 4th transaction in the Oil/Gas Exploration sector.
  • This is NOG’s largest (disclosed) transaction.
  • This is NOG’s 4th transaction in the United States.
  • This is NOG’s 2nd transaction in Texas.

M&A Deal Summary
Date 2021-11-16
Target Veritas Energy - Permian Basin Assets
Sector Oil/Gas Exploration
Buyer(s) NOG
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

NOG

Minnetonka, Minnesota, United States
Category Company
Sector Oil/Gas Exploration
Employees38
Revenue 1.9B USD (2023)
DESCRIPTION

NOG 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. NOG is based in Minnetonka, Minnesota.

DEAL STATS #
Overall 4 of 7
Sector (Oil/Gas Exploration) 4 of 7
Type (Divestiture) 3 of 3
State (Texas) 2 of 4
Country (United States) 4 of 7
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
2022-01-01 Veritas Permian II

Westworth Village, Texas, United States

Veritas Permian II is an independent oil and natural gas company and is focused on leasing, developing, and operating oil and gas properties. Veritas Permian II is based in Westworth Village, Texas.

Buy -

Seller(S) 1

SELLER

Veritas Energy Partners Holdings

Westworth Village, Texas, United States
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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