12:06 PM EDT, 08/07/2024 (MT Newswires) -- Northern Oil & Gas (NOG) said Wednesday that the company and SM Energy ( SM ) have exercised an option to jointly buy more Uinta Basin assets next to their XCL Resources asset acquisition.

Northern Oil said it exercised an option to buy a 20% stake in the assets, which were owned before by Altamont Energy, in partnership with SM Energy ( SM ) for a price, net to Northern Oil, of $17.5 million in cash, subject to adjustments.

The Altamont assets were offered to Northern Oil and SM Energy ( SM ) under a right of first refusal linked to the XCL deal, Northern Oil said.

Northern Oil said the Altamont assets deal is slated to close at the same time as the XCL asset acquisition in early Q4.

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