NOG enters Canada with Duvernay Shale acquisition

Canada

MINNETONKA, May 26, 2026 – Northern Oil and Gas (NOG) has agreed to buy a 25% stake in light oil assets in the Duvernay Shale from Parallax Energy Operating for about USD 259 million, NOG announced on Tuesday.

The deal covers producing properties in the Duvernay East Shale Basin, operated by Parallax Energy, and will net approximately 4,000 boepd in production to NOG in 2027 from 500 gross locations.

NOG will pay an initial unadjusted purchase price of about USD 259 million in cash and newly issued shares. An additional contingent consideration of about USD 18.5 million will be payable in Q1 2028 if an undisclosed average oil price is maintained through the end of 2027.

“Quality oil inventory is becoming increasingly scarce, and NOG’s scaled non-operated model positions us to access opportunities that most in our sector cannot. The Duvernay is one of North America’s premier light oil resources — high-quality, low-cost, long-life inventory with meaningful upside that remains largely untapped,” said NOG.

NYSE-listed NOG engages in oil and gas exploration and production in North America, primarily in the Appalachian, Permian, Uinta and Williston basins. As of March 31, 2026, the company’s production stood at 148,000 boepd.

Parallax Energy Operating is a Calgary-based independent oil and gas producer and a portfolio company of funds managed by Carnelian Energy Capital Management. Its operations centre on the lease, development and operation of assets in Western Canada.