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Utica Today
By the People, for the People
NOG Completes $464.5M Acquisition of Utica Shale Assets
The deal with Antero Resources and Antero Midstream includes over 35,000 net acres in Ohio's Utica Shale.
Published on Feb. 24, 2026
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Northern Oil and Gas (NOG) has announced the completion of its $464.5 million acquisition of non-operated interests in the Utica Shale in Ohio from Antero Resources and Antero Midstream. The transaction, which also involved a joint purchase with Infinity Natural Resources (INR) for a combined $1.2 billion, gives NOG a 40% stake in the assets.
Why it matters
The Utica Shale acquisition expands NOG's footprint in a key oil and gas producing region and is expected to provide significant production growth and cash flow for the company in the coming years.
The details
The acquired properties span approximately 35,000 net acres in eastern Ohio's Utica Shale and include more than 100 gross identified undeveloped locations. For 2026, these assets are projected to produce around 65 million cubic feet equivalent per day, primarily natural gas, with expectations for over 30% annual growth through the end of the decade under a continuous one-rig development approach. The assets are also expected to generate around $100 million in unhedged cash flow from operations in 2026 at current strip prices.
- The transaction was announced in December 2025 and finalized on February 24, 2026.
- NOG utilized cash on hand, operational free cash flow, and its revolving credit facility to fund the acquisition.
The players
Northern Oil and Gas (NOG)
An independent energy company focused on the acquisition, exploration, development, and production of oil and natural gas properties, primarily in the Williston Basin.
Infinity Natural Resources (INR)
A private equity-backed oil and gas company that jointly acquired a 60% stake in the Utica Shale assets with NOG.
Antero Resources
A natural gas and oil company that sold its non-operated interests in the Utica Shale to NOG and INR.
Antero Midstream
A midstream company that also sold non-operated Utica Shale assets to NOG and INR as part of the transaction.
What’s next
NOG has amended its reserves-based lending facility, increasing its elected commitment to $1.8 billion from the previous $1.6 billion. The borrowing base now stands at $1.97 billion, up from $1.8 billion.
The takeaway
The Utica Shale acquisition is a strategic move by NOG to expand its footprint in a key oil and gas producing region and capitalize on the growth potential of the assets, which are expected to provide significant production and cash flow for the company in the coming years.
