Northern Oil and Gas Inc., which up to now has kept its focus on the Williston Basin, said it has acquired a working interest in Permian Basin acreage operated by EOG Resources Inc. On the deal, Northern revised higher its third quarter production guidance to 25,000-30,000 boe/d.

Northern Oil Permian acquisition

Minnetonka, MN-based Northern said it expects production from the acreage in the Delaware sub-basin to peak at about 1,400 boe/d in mid-2021. Northern acquired the acreage in Lea County, NM, from an undisclosed seller.

The tracts span about 66 net acres, on which 1.1 initial net wells have been proposed, to be spud in late 2020 and/or early 2021, said Northern.

The transaction announced last week marks the first incursion by Northern, whose portfolio consists only of nonoperated stakes, beyond the...