Investor Presentaiton
Q2 2023 Investment Activity Update
Current M&A bolt-on opportunities variable in quality. Signature Ground Game opportunities abundant, trending larger in scale vs
historical Ground Game acquisitions.
Opportunity Set
Current M&A opportunities
variable in quality, with a
few exceptions
NOG capital and solutions
remain highly sought after
Variety of structures to
benefit NOG across a
variety of time frames
Wide range of partners and
basins
Ground Game
Competitive landscape
materially better for scaled
GG transactions vs crowded
small scale market
Completed 13 ground game
deals through various
structures
Over 70% of activity weighted
toward the Permian in Q2-23
Added 16.7 net wells and
future drilling locations
Added 942 net mineral acres
Bolt-On
Closed Forge acquisition in
June
Closed Novo acquisition in
August
Prospective 2023 bolt-on
opportunities must clear a
high bar
Remaining disciplined on
return requirements
Investor Presentation September 2023 | 14 NOGView entire presentation