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.
Recommended Reading
Diamondback Touts Land, Cheap Gas to Lure Data Centers to Permian
2024-11-05 - With 65,000 land acres, cheap natural gas and an abundant produced water supply, Diamondback wants to lure power-hungry data centers to West Texas.
SM Kicks Off Dean Wildcatting With 918 Boe/d Choked IPs
2024-11-04 - Operator SM Energy is constraining IPs to not overwhelm its produced-water facilities.
Exclusive: Ring Focused on Drilling Tech to Boost Central Basin Economics
2024-10-31 - Ring Energy CEO Paul McKinney delves into the company’s ongoing efforts to grow its Central Basin Platform portfolio through acquisitions and betting on drilling and completions technology, in this Hart Energy Exclusive interview.
Exxon Mobil to Sell Vaca Muerta Assets in Argentina to Pluspetrol
2024-10-31 - Exxon Mobil is divesting some assets, including plans to divest some of its Bakken holdings, following its $60 billion acquisition of Pioneer Natural Resources.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.