Northern Oil and Gas Eyeing Major Expansion with Granite Ridge Resources Acquisition

Northern Oil and Gas is actively pursuing an acquisition of Granite Ridge Resources, a smaller U.S. oil producer. While Granite Ridge has rejected initial offers, Northern remains interested, potentially increasing its bid. A successful acquisition would be Northern's largest and expand its operations across major U.S. shale basins.

Northern Oil and Gas, based in Minneapolis, has made an acquisition offer for Granite Ridge Resources, a smaller oil producer operating in major U.S. basins, sources revealed. The latest bid offers a 20% premium to Granite Ridge's share price, though the management has so far turned down the offers.

Despite the initial rebuff, Northern remains committed to the potential deal, aiming to sweeten the offer next year. Shares of Granite Ridge surged over 12% on the news, reflecting a market value of approximately $800 million as its financial profile includes $136 million in net debt.

A successful acquisition would mark Northern's largest yet, enhancing its presence across U.S. shale regions such as the Permian and Eagle Ford. Northern's expanding portfolio underscores its strategy to grow through strategic partnerships and acquisitions.

(With inputs from agencies.)