Northern Oil to draw on revolver for Delaware Basin assets purchase

By Sara Rosenberg

New York, Sept. 30 – Northern Oil and Gas Inc. plans to use borrowings under its revolving credit facilities to help fund the bolt-on acquisition of core non-operated working interest properties in the Northern Delaware Basin, according to a news release.

Other funds for the $157.5 million purchase will come from cash on hand and operating free cash flow.

Closing of the acquisition is expected in December.

Northern Oil is a Minnetonka, Minn.-based oil and gas exploration and production company.

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