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

Locator: 44653PERMIAN.

From Permian Resources.

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.