Vital Energy, Northern Oil and Gas buy Point Energy shale assets

NEW YORK: Vital Energy and Northern Oil and Gas will jointly acquire US shale assets from private equity-owned Point Energy Partners for US$1.1bil, the companies say.

Vital will buy an 80% stake in the Point Energy assets, located in the Delaware patch of the Permian Basin, the heart of the United States shale industry that stretches across Texas and New Mexico. Northern will buy the remaining 20%, the companies said.