On May 26, 2026, Northern Oil and Gas, Inc. announced its strategic entry into the Canadian market through the acquisition of a 25 percent undivided non-operated working interest in light oil producing properties and undeveloped acreage in Alberta's Duvernay East Shale Basin from Parallax Energy Operating Inc., a portfolio company of investment funds managed by Carnelian Energy Capital Management, L.P. The initial unadjusted purchase price was C$350 million, subject to customary closing adjustments, comprising C$237 million in cash and approximately C$113 million in Northern Oil and Gas common stock issued to the seller, plus potential contingent consideration of up to C$25 million payable in early 2028 if certain average oil price thresholds are achieved through the end of 2027. The assets include, net to Northern Oil and Gas, approximately 4,000 barrels of oil equivalent per day of production and roughly 75,000 net acres, with more than 500 gross undeveloped drilling locations, and are governed by a long-term joint development agreement under which Parallax continues to operate. The effective date was April 1, 2026. On June 1, 2026, Northern Oil and Gas completed the acquisition under an asset purchase and sale agreement dated May 22, 2026, with final consideration consisting of C$237 million in cash and 3,689,413 shares of common stock; the cash portion included a C$37.5 million deposit previously held in escrow. Northern Oil and Gas formed a wholly owned Canadian subsidiary, NOG Energy Canada, Ltd., for the transaction.