Northern Oil and Gas (NOG) has announced the completion of its purchase of non-operated interests in the Utica Shale in Ohio, US, from Antero Resources and Antero Midstream.
The transaction was finalised through a payment of $464.5m, which includes a $58.8m deposit made at signing.
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Announced in December 2025, the transaction involved joint acquisition with Infinity Natural Resources (INR) for a combined price of $1.2bn in cash.
Under the terms of the deal, NOG acquired a 40% interest, while INR bought a 60% stake.
NOG utilised cash on hand, operational free cash flow and its revolving credit facility to fund the acquisition.
The acquired properties span approximately 35,000 net acres in eastern Ohio’s Utica Shale. They comprise more than 100 gross identified undeveloped locations.
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By GlobalDataFor 2026, these assets are projected to produce approximately 65 million cubic feet (mcf) equivalent per day, primarily comprising gas, with expectations for a compound annual growth rate exceeding 30% through the end of the decade.
This growth is anticipated under a continuous one-rig development approach.
Additionally, these assets are expected to generate unhedged cash flow from operations amounting to around $100m in 2026 at current strip prices.
In conjunction with this acquisition, NOG has amended its reserves-based lending facility, increasing its elected commitment to $1.8bn from the previous $1.6bn.
The borrowing base now stands at $1.97bn, up from $1.8bn.
This expansion of the credit facility was executed under an agreement involving Wells Fargo and a syndicated group of 18 lenders, with all other terms largely unchanged.
