Minneapolis-based Northern Oil and Gas said last week it is acquiring a 36.7 percent interest in the Mascot project of Midland-Petro DC Partners for $330 million. The acquired assets in Midland County are expected to average 4,400 boed in 2023Q1 and 6,450 boed for 2023. NOG said Oct. 19 it also is acquiring an interest in midstream assets and associated infrastructure that represent about $36 million of transaction value. The Mascot project is operated by Midland-based Permian Deep Rock Oil Co., an affiliate of MPDC.
“We showcase NOG’s expanding capabilities,” Nick O’Grady, CEO, said. “Beyond just a consolidator of non-operated interests, NOG is proving itself to be an adept and preferred partner for the development of high-quality assets.” Adam Dirlam, president, added, “What differentiates this transaction is the surety of development timing and returns with a clear line of sight to turning valuable acreage into significant cash flow rapidly and efficiently.”