Announced
Synopsis
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.
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