Investor Presentation June 2023
Strong Organizational Infrastructure Supports Investment Decisions
Deep presence in three core basins, relationships with a wide breadth of operators and minority interests in thousands of wells gives
NOG an informational advantage in determining where to invest free cash flow.
INVESTMENT EVALUATION PROCESS
NOG
(၃)
"Comparable data"
drawn from
comprehensive,
proprietary NOG
database, built from
participation in over
8,900 wells informs our
investment evaluation
process
Engineering and Land
teams overlay real time
analytics to develop
type curves and IRR
profiles
Organic, ground game,
and bolt-on
opportunities scrubbed
internally and
benchmarked against
stringent return hurdles
Diligence incorporates
detailed review of
operator's
environmental track-
record. NOG will not
proceed unless
satisfactory review is
completed
Board-level Acquisition
Committee vets and
approves go/no-go.
Finance determines
funding path and
places appropriate
hedges based on
internal outlook for oil
and gas prices to
mitigate risk
Board approval
required for bolt-on and
larger ground game
opportunities
Investor Presentation June 2023 | 21 NOGView entire presentation