Northern Oil & Gas acquires 25% stake in Canadian Duvernay assets for ~US$259M

Filed May 26, 2026 · Period ending May 22, 2026 · ~2 min read

Key Changes

• high

  NOG enters Canada with CA$350M (~US$259M) acquisition of 25% non-operated interest in Alberta Duvernay light oil assets from Parallax Energy, funded with CA$113M (~US$83.5M) in stock and remainder in cash/revolver draws. Assets include ~4,000 Boe/d expected 2027 production (~80% oil), 75,000 net acres, and ~500 gross locations representing ~20 years of inventory with sub-$50 WTI breakevens.

  Item 1.01 verify on EDGAR →
• high

  NOG raised 2026 production guidance to 143,000–148,000 Boe/d (from 139,000–143,000) and oil production to 71,500–73,500 Bbl/d (from 68,000–72,000), reflecting better well performance, timing, and minor Duvernay contribution. Capital budget unchanged at $850–$900M despite acquisition.

  Exhibit 99.1 view on EDGAR →
• medium

  Deal includes CA$25M (~US$18.5M) contingent consideration payable in Q1 2028 (cash or stock at NOG's election) if average WTI prices from April 2026 through December 2027 exceed a specified threshold. NOG deposited CA$37.5M into escrow at signing, credited toward cash consideration at closing.

  Item 1.01 verify on EDGAR →