Northern Oil and Gas announced it has closed its previously disclosed joint acquisition of non-operated properties in the core of the Ohio Utica Shale and entered into an amendment to expand its reserves-based lending facility.
On February 23, 2026, NOG finalized the joint acquisition of interests in the Ohio Utica Shale upstream and midstream assets from Antero Resources Corporation and Antero Midstream Corporation. Under the transaction structure, NOG acquired a 40% stake in the assets, while its partner INR increased its ownership to 60%.
NOG’s closing payment totaled $464.5 million in cash, which included a $58.8 million deposit paid at signing. The amount reflects preliminary and customary purchase price adjustments and remains subject to post-closing settlements between NOG and Antero. The company funded the acquisition through a combination of cash on hand, operating free cash flow, and borrowings under its revolving credit facility.
In conjunction with the transaction, NOG amended the credit agreement governing its reserves-based lending facility, which matures in 2030. The amendment increases the elected commitment amount to $1.8 billion from $1.6 billion and raises the borrowing base to $1.975 billion from $1.8 billion. Wells Fargo continues to serve as administrative agent alongside the existing syndicate of 18 lenders. All other material terms of the facility remain substantially unchanged.
NOG operates as a real asset company focused on acquiring and investing in non-operated minority working and mineral interests across premier hydrocarbon-producing basins in the contiguous United States.
