Northern Oil and Gas closes acquisition of W Energy Partners

Northern Oil and Gas, Inc. (NOG) has announced that it has closed its acquisition of W Energy Partners, the largest acquisition in the company’s history. Closing consideration consists of approximately US$114.8 million in cash and 51,476,961 shares of Northern common stock. 

Based in Dallas, Texas, W Energy undertakes oil and gas exploration and production by acquiring non-operating interest in oil and gas wells. Its assets consist of approximately 27.2 net producing wells, which produce approximately 6,750 Barrels Of Oil Equivalent (BOE) per day, and 5.9 net wells in progress.

W Energy also owns approximately 10,633 core net acres in the Williston Basin in North Dakota, which the company estimates will provide approximately 51.9 net future drilling locations

Faegre Baker Daniels LLP acted as legal counsel for Northern. W Energy was advised on the sale process by RBC Richardson Barr with Vinson & Elkins LLP as legal counsel.