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NOG Acquisition Twist: How Duvernay Could Supercharge Its Non-Operated Model!

Northern Oil and Gas has moved from domestic aggregation to cross-border expansion with an agreed CA$350 million, or roughly US$259 million, purchase of a 25% non-operated stake in Parallax Energy’s light-oil Duvernay assets in Alberta. The structure includes about CA$113 million of stock consideration, with the rest expected to come from cash, operating free cash flow, and revolver capacity, plus contingent consideration tied to oil prices through 2027. The deal would give NOG exposure to roughly 75,000 net acres, about 500 gross drilling locations, and expected 2027 production of nearly 4,000 Boe per day, roughly 80% light oil. The development comes after NOG’s recent transcript commentary highlighted record first-quarter production, strong liquidity, hedge and gas-price headwinds, active ground-game opportunities, and a broad M&A pipeline, making the Duvernay entry a logical test of its scalable non-operated model outside the U.S.