American Oil and Gas Reporter - December 2023 - 24

comes from wells operated by EQT
Corp., Range Resources Corp. and
CNX Resources Corp. ❒
Mach Natural Resources
Makes Accretive Buy
In Anadarko Basin
OKLAHOMA CITY-Mach Natural
Resources LP has signed an agreement
with EnCap-backed Paloma Partners IV
LLC to acquire certain interests in oil
and gas properties, rights and related
assets in Oklahoma for $815 million.
The company says it expects the
acquisition to close this year, with an
effective date of Sept 1.
According to Mach, asset highlights
include:
· Recent production of
approximately 32,000 barrels of oil
equivalent a day (23% oil, 57% liquids);
· Proved developed producing
reserves of approximately 75 million
barrels of oil equivalent;
· One rig running in Grady County,
Ok., with six additional wells on pace
for completion between the effective
and closing dates; and
· Approximately 62,000 net acres
in the Anadarko Basin in Oklahoma's
Canadian, Grady, McClain, Caddo,
Custer, Dewey, Blaine and Kingfisher
counties, with about 76% located in the
core development area in Canadian and
Grady counties.
The company estimates that the
acquisition offers more than 12 years of
operated inventory on a one-rig
program. ❒
NOG Adds Bolt-Ons
In Northern Delaware,
Appalachian Basins
MINNETONKA, MN.-Northern
Oil & Gas Inc. is reporting a couple of
bolt-on acquisitions of core nonoperated
working interest properties in the
northern Delaware and Appalachian
basins. NOG says the combined
acquisitions will boost its expected
2024 production by about 6,500 barrels
of oil equivalent a day.
According to NOG, the Delaware
Basin acquisition spans about 3,000 net
acres, primarily in New Mexico's Lea
and Eddy counties. The assets'
production is roughly 2,800 boe/d (67%
oil) and is projected to exceed 3,500
boe/d during 2025-2030, NOG
describes. It projects that 2024-2027
capital expenditures on the assets will
be $25 million-$30 million.
Mewbourne Oil is the acquisition's
largest operator and controls roughly
80% of the assets, NOG notes.
According to NOG, the Appalachian
Basin acquisition entails interests in
Ohio's Jefferson, Harrison, Belmont and
Monroe counties, and a primary target
zone in the Point Pleasant/Utica Shale.
The assets' output is approximately 23
million cubic feet equivalent a day
(almost all of it gas), NOG says, adding
that it expects average production will
climb slightly in 2024.
The company also says it expects to
incur approximately $14 million of
capital expenditures on the assets in
2023 and $8 million in 2024.
Substantially all the assets are operated
by Ascent Resources, NOG mentions,
and the effective date for both
transactions is Nov. 1.
" These transactions demonstrate our
continued ability to successfully
acquire high quality assets in the core
of their respective basins, with best-inclass
operating parties, " comments
NOG Chief Executive Officer Nick
O'Grady. " We expect the assets to be
accretive in 2024 and to accelerate
further in future years. " ❒
24 THE AMERICAN OIL & GAS REPORTER
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American Oil and Gas Reporter - December 2023

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