Kirkland & Ellis counseled Northern Oil and Gas, Inc. (NYSE: NOG) on its definitive agreement to acquire a 30% undivided stake in certain oil and gas assets of Forge Energy II Delaware, LLC located in the Delaware Basin, in partnership with Vital Energy, Inc., for a purchase price net to NOG of $162 million in cash, subject to typical closing adjustments. The acquired assets are primarily in Ward and Reeves counties, Texas, and include approximately 10,200 net acres, 30.5 net producing wells, 2.3 net wells-in-process and ~20 low-breakeven net undeveloped locations. Upon closing, the operator of the assets will be Vital, with NOG participating in development pursuant to cooperation and joint operating agreements entered into with Vital in connection with the acquisition.
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