Northern Oil And Gas, Inc.’s $310 Million Acquisition Of Williston Basin Properties


Kirkland & Ellis advised Northern Oil and Gas, Inc. (NYSE American: NOG) on its decision to acquire the Williston Basin properties of VEN Bakken, LLC.

The assets to be acquired are expected to produce approximately 6,600 barrels of oil equivalent (BOE) per day (2-stream) during the second half of 2019 and consist of approximately 18,000 net acres containing 86.9 net producing wells, 2.7 net wells in process, and 47.5 net undrilled locations across the heart of the Williston Basin.

Total consideration to be paid to the seller consists of $165 million in cash, a $130 million 6 percent three-year senior unsecured note due in 2022 and approximately 5.6 million shares of common stock. The cash and note portions of the consideration are subject to typical closing and post-closing adjustments.

The Kirkland team was led by transactional partners David Castro Jr. (Picture) and Chad Smith and associates William Eiland and Isaac Bate; and debt finance partner Mary Kogut Brawley and associates Eugenio Cardenas and Sunny Sikka; and included transactional partners John Pitts and Drue Santora and associates Paul Knowlton and Mona Kwasnik; capital markets partner Matt Pacey and associates Bryan Flannery and Lance Hancock; environmental transactions partner Jonathan Kidwell and associate Ty’Meka Reeves-Sobers; and tax partner David Wheat and associate Joe Tobias.

Involved fees earner: Isaac Bate – Kirkland & Ellis; Eugenio Cardenas – Kirkland & Ellis; David Castro – Kirkland & Ellis; William Eiland – Kirkland & Ellis; Bryan Flannery – Kirkland & Ellis; Lance Hancock – Kirkland & Ellis; Jonathan Kidwell – Kirkland & Ellis; Paul Knowlton – Kirkland & Ellis; Mary Kogut Brawley – Kirkland & Ellis; Mona Kwasnik – Kirkland & Ellis; Matthew Pacey – Kirkland & Ellis; John Pitts – Kirkland & Ellis; Ty’Meka Reeves-Sobers – Kirkland & Ellis; Drue Santora – Kirkland & Ellis; Sunny Sikka – Kirkland & Ellis; Chad Smith – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; David Wheat – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Northern Oil and Gas, Inc.;

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Author: Ambrogio Visconti