IOG Resources LLC acquired producing oil and gas assets in the Delaware Basin in the Permian from Tier 1 Merced Holdings LLC.
The assets consist of nonoperated wellbores primarily located in New Mexico’s Eddy and Lea counties. TenOaks Energy Advisors had been retained in December by Tier 1 Merced Holdings to market the assets, plus additional properties in the Eagle Ford, for a potential sale.
“With this acquisition, IOGR adds net production of approximately 3,800 boe/d under top-tier operators including Devon, Conoco and Marathon,” IOG Resources said in a company release on March 3.
IOG Resources 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 nonoperated working interest partner.
“Following the transaction, the IOGR portfolio includes 12 discrete investments across six core basins in the U.S.,” IOG Resources said.
Terms of the transaction with Tier 1 Merced Holdings was not disclosed. In conjunction with the transaction, IOG Resources said it also successfully closed a new, upsized revolving credit facility.
Kirkland & Ellis LLP acted as legal counsel for IOG Resources on the transaction. Tier 1 was advised on the sale process by TenOaks Energy Advisors and Holland & Hart LLP acted as legal counsel.
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