• NOG makes strategic entry into Canada with inventory-rich light oil acquisition in the Duvernay Shale for a CA$350 million (~US$259 million) initial unadjusted purchase price
  • Operated ‘buy-down' acquisition of a 25% non-operated stake in light oil producing properties with significant undeveloped inventory in Alberta, Canada in the Duvernay East Shale Basin operated by Parallax Energy Operating Inc. (the "Assets"), a portfolio company of investment funds managed by Carnelian Energy Capital Management, L.P.
  • Sellers to receive NOG common stock at closing as a portion of the consideration, with ~CA$113 million (~US$83.5 million) paid in NOG common stock and the remainder paid in cash
  • ~4,000 Boe per day of production expected in full year 2027 (2-stream, ~80% light oil)
  • 75,000 net acres with ~20 years of inventory and average breakevens below $50 WTI; ~ 500 gross locations, an estimated ~US$0.6 million per net location
  • Entered into long-term Joint Development Agreement inclusive of Area-of-Mutual-Interest
  • Self-funding asset with significant free cash flow, expected to be leverage neutral, leverage accretive long term
  • Purchase price transaction multiple of expected NTM (as of Effective Date) unhedged cash flow from operations of <3.0x
  • Accretive to material valuation metrics, including TEV / EBITDA, earnings per share, free cash flow and cash flow per share over a multi-year period
  • Company providing updated 2026 Annual Guidance

Northern Oil and Gas, Inc. (NYSE:NOG) ("NOG") today announced that it has agreed to purchase an undivided 25% interest in the Light-Oil Duvernay Assets owned and operated by Parallax Energy Operating Inc. ("Parallax" or the "Seller").