IOG Resources Announces Acquisition and Closing of Delaware Basin Producing Assets
DALLAS–(BUSINESS WIRE)–IOG Resources, LLC (“IOGR”) today announced that it has acquired producing oil and gas assets (the “Assets”) in the Delaware Basin from Tier 1 Merced Holdings, LLC (“Tier 1”). The Assets consist of non-operated wellbores primarily located in Eddy and Lea counties, New Mexico. With this acquisition, IOGR adds net production of approximately 3,800 boe/d under top-tier operators including Devon, Conoco, and Marathon. In conjunction with the transaction, IOGR successfully closed a new, upsized revolving credit facility. Following the transaction, the IOGR portfolio includes 12 discrete investments across 6 core basins in the US.
Advisors
Kirkland & Ellis LLP acted as legal counsel for IOGR. Tier 1 was advised on the sale process by TenOaks Energy Advisors and Holland & Hart LLP acted as legal counsel.
About IOG Resources, LLC
IOG Resources, LLC is a Dallas, Texas-based energy investment platform sponsored by First Reserve. The company was established in 2017 and invests in diversified upstream oil and gas assets as a non-operated working interest partner. For more information, please visit www.iogresources.com.
About First Reserve
First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 39 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum.
Contacts
IOG Resources, LLC
214-272-2990
George Edwards
gedwards@iogresources.com
Jay Heath
jheath@iogresources.com
Tommy Woolley
twoolley@iogresources.com
