Addition of Antero’s Ohio Assets Solidifies Infinity’s Leading Position in the Utica Shale

MORGANTOWN, W.Va.--(BUSINESS WIRE)--

Infinity Natural Resources, Inc. ( INR ) (“Infinity” or the “Company”) today announced that on December 5, 2025 its subsidiary Infinity Natural Resources, LLC entered into agreements (together, the “Agreements”) to acquire upstream and midstream assets in Ohio from Antero Resources Corporation ( AR ) (“Antero Resources”) and Antero Midstream Corporation ( AM ) (“Antero Midstream”) (collectively the “Antero Ohio Assets”) for a combined $1.2 billion. Concurrently, Northern Oil and Gas, Inc. (“Northern”) will acquire an undivided 49% interest in the assets for $588 million, resulting in a $612 million purchase price net to Infinity for its undivided 51% interest (the “Transaction”). Infinity expects to fund the Transaction with cash on hand and borrowings under an expanded senior secured revolving credit facility (the “Credit Facility”). The Agreements have an effective date of July 1, 2025, with closing anticipated in the first quarter of 2026, and the Transaction is subject to customary purchase price adjustments and closing conditions.

Transaction Highlights

Significant Addition to Top Tier Utica Acreage Position: Pro forma INR will control ~102k Ohio net horizontal Utica Shale acres with ~1.4 Tcfe of undeveloped net reserves

Extends Premium Drilling Inventory: Highly contiguous acreage improves long lateral well development and adds high quality inventory across all phase windows, improving overall break-evens

Captures Vertical Integration Benefits through Acquired Midstream Assets: ~141 miles of gathering lines with capacity to support 600 mmcf/d along with ~90 miles of water lines, reducing operating costs and cash break-evens

Delivers Significant Operational and Financial Synergies: Estimated $25 million of synergies expected to be realized in 2026 alone, driven by lower operating costs and complementary acreage positions

Immediately Accretive and Value Enhancing: Accretive across key financial metrics, including Adjusted EBITDAX margins, cash flow per share, and net asset value per share

Strong Growth with Financial Discipline: Expected to complement Infinity’s best in class production growth amongst our Appalachian peers for 2026 and 2027. Accelerated Adjusted EBITDAX growth creates path to