Northern Oil and Gas to draw on revolver for Novo Assets purchase

By Sara Rosenberg

New York, June 15 – Northern Oil and Gas Inc. plans to use borrowings under its senior secured revolving credit facility and cash on hand to fund the acquisition of a 33.33% undivided stake in the Novo Assets for $500 million, according to a news release.

The Novo Assets are primarily located in Eddy County, New Mexico, and eastern Culberson County, Texas, and include about 5,600 net acres, 29.2 net producing wells, 7.2 net wells-in-process and 59.9 low-breakeven net undeveloped locations.

Closing is expected in August.

Northern Oil is a Minnetonka, Minn.-based real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in hydrocarbon producing basins.

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