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Monday, May 15, 2023

NOG Announces Small Acquisition In The Permian; Public Offering -- May 15, 2023

Locator: 44652B. 

NOG: acquires small position in the Permian. Link here. The Permian is tracked here.

  • appears to be about 3,000 net acres
  • NOG's stake: $162 million
  • currently producing at 3,400 boepd, or for NOG's stake, about 1,000 boepd
  • $162 million / 3,000 net acres = $54,000 / net acre
  • Ward and Reeves counties

NOG: announces public offering.

  • 6.65 million shares of common stock
  • option: an additional million shares (exact: 997,500 shares)
  • ticker NOG: $32 / share
  • 32 x 7.65 million = $245 million

NOG: announces pricing of public offering.

  • 6.65 million shares, with option for another million shares
  • proceeds of $200 million for the initial 6.65 million shares
  • $199.5 million / 6.65 million shares = $30 / share

See this post, also, an earlier NOG acquisition in the Permian, 2021.

Note: I often make simple arithmetic errors and often misread / misinterpret press releases; if this is important to you, go to the source, links above.

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Back to the Bakken

Active rigs: 40.

WTI: $71.11.

Natural gas: $2.375.

Three new permits, #39897 - #39899, inclusive:

  • Operator: Koda Resources
  • Field: Fertile Valley (Divide)
  • Comments:
    • Koda Resources has permits for three Bock wells, SESE 34-161-102; to be sited:
      • 543 (sic) FSL and 605 FEL,
      • 343 SL and 655 FEL,
      • 343 FSL and 625 FEL.

Thirteen producing wells (DUCs) reported as completed, none of them particularly remarkable:

  • CLR (7): one Flint Chips; one Dennis FIU, five Medicine Hole;
  • XTO (3): three FBIR Bird wells,
  • WPX (2): a Palo Pinto well; and a Skunk Creek well;
  • BR: a Saddle Jerome well

The XTO FBIR Bird wells:


 

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