Northern Oil and Gas (NOG) completed a bolt-on acquisition of royalty and mineral interests in the core Uinta Basin for $98.3 million in August 2025. This acquisition adds approximately 1,000 net royalty acres—equivalent to about 8,000 royalty acres standardized to 1/8th royalty—primarily in Duchesne and Uintah Counties, Utah. The acquired portfolio includes over 400 gross locations with an average net revenue interest (NRI) of about 1.3% on an 8/8ths basis, raising NOG's overall effective NRI in the Uinta Basin from approximately 80% to 87%.

The assets are largely within NOG's existing Uinta footprint operated by SM Energy. The deal is expected to be accretive to key financial metrics such as earnings per share, free cash flow, and cash flow per share over multiple years. Forward one-year unhedged cash flow from operations is estimated at approximately $14 million based on recent strip pricing, representing a free cash flow yield around 14%. Production from these assets in 2026 is expected to average roughly 900 barrels of oil equivalent per day, with over 85% of the production being oil. Minimal capital expenditures are projected going forward, and a significant portion of the production was hedged at acquisition.

NOG funded this acquisition with a combination of a previously placed $9.8 million acquisition deposit, cash on hand, operating free cash flow, and borrowings under its revolving credit facility. Management highlighted that this acquisition will further reduce breakeven costs in the Uinta Basin, already a low-cost basin, and will contribute to increased production guidance driven by strong well performance overall in NOG's asset base.?