Northern Oil and Gas Inc. has agreed to acquire “substantially all” the nonoperated Permian Basin assets owned by affiliates of Veritas Energy LLC, including 6,000 oil-weighted net acres.


The transaction for $406.5 million was announced earlier this month.

“This transaction completes the strategic transformation of our business that began in 2018,” CEO Nick O’Grady said. “It will drive immediate significant accretion across the board to our investors, increased cash returns, and importantly, creates a truly diversified business of scale, with substantial free cash flow that can self-fund future growth.”

The acquisition includes about 6,000 net acres and about 45 undrilled locations in the Permian’s Delaware sub-basin in the New Mexico counties of Lea and Eddy...