Northern Oil & Gas, Inc (NYSEAMERICAN:NOG) is an independent company in the energy industry. It focuses on activities such as production, acquisition, exploration, exploitation and the development of natural gas properties and oil. The business guru spoke in relation to the close of the Energy Partners acquisition.
An outlook into the matter
Reports indicate that this is one of the biggest acquisitions in this company’s history. Part of the acquired assets include 10,633 core net acres in North Dakota and about 27.2 net producing wells that are currently in progress. The business giant expects to get almost 51.9 net future drilling locations.
Brandon Elliott, current Northern’s Chief Executive Officer applauds the company over the closing of its third acquisition. According to the official, this showcases their great commitment to deliver on important accretive acquisitions.
Elliott opined, “With our recently announced refinancing transactions, we have further strengthened our balance sheet and lowered interest expense. With enhanced liquidity, we have positioned the Company to continue to deliver value for all our stakeholders.”
The turn of events
The official says it is impressive how fast they moved about closing the Pivotal Petroleum Partners acquisition. According to Elliott, the recent move will help them to further strengthen their production base as well as drive the cash flow generation.
The ones that stand to gain the most from the recent move are the various stakeholders .The Company looks forward to the growth of its credit metrics as well as its cash flow per share.
It was also today that Northern Oil and Gas, Inc pronounced its preliminary production for July and August this year. Definitely, this production is not representative of this company’s pending acquisitions from W Energy Partners and Pivotal Petroleum Partners. Reports indicate that these two will most probably close on schedule.
The management marvels at the recent turn of events. It says the remarkable performance exceeds the company’s internal expectations. It looks forward to the close of the pending acquisitions. If all moves according to plan, it will only take a matter of about two weeks.