United States Vital Energy and Northern Oil & Gas Form Partnership to Buy Point Energy Partners for $1.1 Billion from Vortus Investments, Vital Energy to Buy 80% of Point Energy Partners & Northern Oil & Gas to Buy 20%
2nd August 2024 | Hong Kong
United States Vital Energy and Northern Oil & Gas have formed a partnership to buy Point Energy Partners for $1.1 billion from Vortus Investments, with Vital Energy to buy 80% of Point Energy Partners & Northern Oil & Gas to buy 20%. Announcement (28/7/24): “Vital Energy, Inc. (NYSE: VTLE) (“Vital Energy” or the “Company”) today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Point Energy Partners (“Point”), a Vortus Investments portfolio company. The transaction will significantly increase the Company’s operational scale and footprint in the Delaware Basin and add high-value development inventory. The agreement was signed in partnership with Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”). Under the terms of the agreement, the two companies will acquire Point Energy’s assets in an all-cash transaction for total consideration of $1.1 billion. Vital Energy agreed to acquire 80% of Point’s assets, with NOG acquiring the remaining 20%. The transaction is expected to close by the end of the third quarter of 2024 with an effective date of April 1, 2024, subject to customary closing conditions. Closing price adjustments are expected to total approximately $75 million, reducing total consideration to approximately $1.025 billion. Vital Energy expects to fund its $820 million portion, net of expected purchase price adjustments, through the use of its credit facility, which was recently expanded to $1.5 billion. Wells Fargo, National Association has committed to the increased elected commitment upon closing of the transaction.”
“ United States Vital Energy and Northern Oil & Gas Form Partnership to Buy Point Energy Partners for $1.1 Billion from Vortus Investments, Vital Energy to Buy 80% of Point Energy Partners & Northern Oil & Gas to Buy 20% “
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About Vital Energy – Vital Energy, Inc. is an independent energy company with headquarters in Tulsa, Oklahoma. Vital Energy’s business strategy is focused on the acquisition, exploration and development of oil and natural gas properties in the Permian Basin of West Texas.
About NOG – NOG is a real asset company with a primary strategy of acquiring and investing in non-operated minority working and mineral interests in the premier hydrocarbon producing basins within the contiguous United States.
United States Vital Energy and Northern Oil & Gas Form Partnership to Buy Point Energy Partners for $1.1 Billion from Vortus Investments, Vital Energy to Buy 80% of Point Energy Partners & Northern Oil & Gas to Buy 20%
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