NOG must be lovin' life.
Here's nine guys (and gals?) and a $1.4 billion company (market cap).
Regular readers know that NOG's business model in the Bakken has a unique model, but I had forgotten about another secret to their success: buying up small bits of acreage the bigger operators cannot be bothered with. The result: they end up picking up acreage at "discount prices."
I missed this part of NOG. I thought it was mostly about cash, with NOG buying in with a working interest on wells being drilled by others. But in addition, they end up "trading" acreage for a working interest in wells.
NOG had no trouble raising $200 million with a new share offering back in November, 2010.
For another story on NOG, click here.
