Minneapolis-based Northern Oil and Gas said last week it agreed to acquire assets in Upton County in Permian Basin from one of its private operating partners for $40 million. The assets include about 2,275 net acres in Midland Basin. NOG said it has a multi-year joint development agreement for the property. Closing is expected in 2025Q2.
Adam Dirlan, president, said Feb. 12, “We continue to see a multitude of opportunities across our basins as we head into 2025 and are encouraged with the prospects.”
Output in Permian in 4Q was up 12 percent over previous quarter to produce record oil and total volumes.
NOG said production in 4Q was 131,000 to 132,000 boed (78,500 to 78,900 b/d of oil) to put the company at high end of guidance for fullyear 2024. Capital budget for 2025 is $1.05 billion to $1.20 billion to support increasing activity. Total production for 2025 is forecast at 130,000 to 135,000 boed (75,000 to 79,000 b/d of oil).