NOG Inc. is an independent, non-operator oil and natural gas company that acquires and holds minority working interests and mineral interests in unconventional basins across the United States, including the Williston, Permian, Appalachian, and Uinta basins. Rather than operating wells directly, NOG participates proportionately in wells drilled and developed by over 100 operating partners, receiving its share of production revenue from oil and natural gas sales at prevailing market prices while avoiding operational responsibility and capital-intensive infrastructure costs. The company generates growth through selective acquisitions of non-operated interests at discounts, maintains financial discipline through leverage targets and hedging programs, and returns capital to shareholders via dividends and buybacks.