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2/3/2021 Northern Oil and Gas , Inc. Announces Transformational Acquisition in the Marcellus Shale NOG HIGHLIGHTS • Northern Oil and Gas , Inc. ( NYSE American : NOG ) ( " Northern " ) has agreed to acquire certain non - operated natural gas assets ( the " Assets " ) in the Appalachian Basin from Reliance Marcellus , LLC ( " Reliance " or the " Seller " ) • Extends Northern's non - operating model to Appalachia - the leading US natural gas basin - and creates a national non - operated franchise , diversified by region and commodity mix • Complements Northern's existing -183,000 Williston and Permian net acres with ~ 64,000 net acres in Appalachia • Attractive unadjusted cash purchase price of $ 175MM , with implied multiples of < $ 1,500 per flowing Mcfe / d and -3x 2021E unhedged cash flow from operations • ~ 120 MMcfe / d of current production as of July 2020 effective date and -493 Bcf of proved reserves ( ~ 55 % PDP ) as of December 31 , 2020 , with PV - 10 of ~ $ 269MM ( at strip pricing as of January 20 , 2021 ) • Full calendar year 2021E production of 100 - 110 MMcfe / d ( net to Northern ) with expected material free cash flow • Expected to be accretive to leverage , free cash flow , return on capital employed and EV / EBITDA ; low - decline asset is expected to lower NOG's corporate decline rate and sustaining capital requirement • EQT , the largest and one of the lowest cost natural gas producers in the US , will operate ~ 95 % of the assets after its recent acquisition of Chevron's Appalachian properties • Substantial cost and operational improvements expected from EQT's assumption of operatorship including further G & A reduction , enhanced completions , and well cost reductions • High average , blended working interest of ~ 27 % managed under unique and beneficial joint development agreements that give high degrees of clarity and control to Northern over future development • Inventory of 94 gross highly - economic , work - in - progress ( " WIP " ) wells slated for completion over next five years by EQT . Approximately $ 50 million of net development capital has already been deployed on the WIP wells , which is not subject to reimbursement by Northern 1