Minneapolis, Feb 21 — Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the adjustment of ownership splits in connection with its pending joint acquisition of Antero’s Utica Assets.
UTICA SHALE ACQUISITION
On February 19, 2026, NOG and INR announced an adjustment of ownership interests in their pending joint acquisition of interests in the Ohio Utica Shale Upstream and Midstream Assets from Antero Midstream Corporation and Antero Resources, Inc. (“Antero”). At closing, NOG will acquire a 40% stake in the Assets for $480 million, the cash purchase price is subject to customary closing adjustments and remains on the same pro rata economic terms as originally announced, with INR increasing its stake in the joint acquisition to 60%.
NOG and INR continue to anticipate that the transaction will close by the end of the first quarter of 2026. More information regarding this acquisition can be found in NOG’s December 8, 2025 press release announcing the transaction, which is available here.
NOG will fund the acquisition with cash on hand, operating free cash flow and borrowings from NOG’s reserves-based lending facility.
MANAGEMENT COMMENT
“We are very excited about the Utica acquisition, both its current growth path and the potential for further asset expansion in the coming years,” commented Nick O’Grady, NOG’s Chief Executive Officer. “By adjusting the sizing of our interest, NOG also optimizes and increases its financial flexibility to allow for further participation in inorganic and organic growth opportunities as they emerge in the coming year.”