Northern Oil and Gas Inc. (NOG) has agreed to acquire stakes in Permian Basin properties spanning about 2,800 acres in New Mexico and Texas from Alpha Energy Partners for $157.5 million.

Permian Basin

NOG reported that Mewbourne Oil Co. is the primary operator of the assets, which span about 2,800 acres in the Permian’s Delaware sub-basin in Lea and Eddy counties, NM, and Loving County, TX. Other operators include ConocoPhillips and EOG Resources Inc.

“These assets are squarely in our core focus area and are poised to deliver substantial growth over the coming years, while delivering significant cash flow to bolster shareholders returns,” said NOG CEO Nick O’Grady.

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