Northern closes $250mn Reliance purchase
Apr 7, 2021 7:20:am
Summary
by: Joe Murphy
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Northern closes $250mn Reliance purchase
Delaware-based Northern Oil and Gas announced on April 6 it had closed the purchase of the US Marcellus shale play operations of India s Reliance Industries for $250mn.
Northern paid nearly $121mn in cash and issued 3.25mn of common stock warrants for the business, which is expected to produce 75-85mn ft
3/day of gas and receive $20-25mn of capital expenditure in 2021. Northern has hedged 66% of the assets forecasted gas production in the remainder of the year at an average price of $3/mn Btu, and 33% of their projected output in the first quarter of 2022 at $3.17/mn Btu.
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