The Northern Oil and Gas, Inc (NOG) has announced the closing of its acquisition of the Midland Basin Development Project.

NOG enters into an agreement to acquire a 36.7% working interest in a stacked pay, six-zone development project (Mascot Project) in the core of the Midland Basin for US$330 million.

The portfolio involves producing properties and associated midstream assets, plus 62 gross in-process and future wells in Midland County, Texas, with sub-US$40 per barrel average breakevens. With the transaction average production of 6,450 Boe per day (2-stream, ~80% oil) is being expected for 2023.