NOG to buy 49% of Ohio Utica assets with Infinity for $588 million
Northern Oil and Gas agreed on December 5, 2025, with Infinity Natural Resources to jointly buy Ohio Utica upstream and midstream assets from Antero for $1.2 billion in cash, of which NOG's 49% share is $588 million. The deal adds about 35,000 net acres and midstream infrastructure, and NOG expects roughly 65 MMcfe per day of 2026 production net to its interest, with closing expected by the end of the first quarter of 2026.
Key points
- Purchase agreements dated December 5, 2025; NOG's share is $392 million for upstream assets and $196 million for midstream assets.
- Infinity Natural Resources holds the remaining 51% and will operate substantially all of the assets.
- Estimated 2026 production net to NOG of about 65 MMcfe per day; about $100 million of 2026 cash flow from operations net to NOG.
- NOG placed a $58.8 million deposit in escrow at signing; closing is expected by the end of the first quarter of 2026 and funded by operating cash flow, cash on hand and reserve-based lending borrowings.
The filing
Written by AI on Nov 8, 2026, 6:56 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 08, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.