SM Energy, an independent oil and gas exploration and production company, and Northern Oil and Gas, an independent energy company, agreed to acquire Uinta Basin oil and gas assets from EnCap and Rice-backed XCL Resources, an independent oil and gas company, for $2.55bn. “With XCL, we are acquiring a multi-stacked pay acreage position with significant long-term upside. These assets are exemplary of our returns-focused strategy: delivering immediately while offering significant exploration potential further enhancing NOG’s optionality. Much like our prior joint development transactions, we have devised an aligned, conservative development and governance plan with a proven E&P company. We continue to be the partner of choice for our operators as the largest, best capitalized and most reliable working interest owner in the United States,” Adam Dirlam, NOG President.