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IOG Resources II is growing its non-operated position in Appalachia through an acquisition in Carroll County, Ohio and Butler County, Pennsylvania.
IOG did not disclose the seller or financial terms of the acquisition.
The Dallas-based investment firm signed an agreement to acquire 66 producing wellbores and 7,000 net acres. The assets have a current net production of approximately 24 million cubic feet equivalent per day (MMcfe/d) and includes “a substantial liquids component,” IOGR II announced on March 30.
But the deal represents the second investment by IOGR II and the 14th discrete investment by the IOG Resources platform across six U.S. production basins.
The IOG Resources investment platforms are sponsored by Connecticut-based energy private equity firm First Reserve.
The deal is expected to close during the second quarter. Kirkland & Ellis LLP served as legal counsel to IOGR II in connection with the transaction.
Late last year, IOGR II announced picking up non-operated natural gas assets in the Marcellus Shale from Seneca Resources, an affiliate of National Fuel Gas.
The deal with Seneca included wellbores primarily located in Clearfield, Elk and McKean counties, Pennsylvania with a net production of about 17 MMcf/d.
In March 2022, IOGR acquired oil and gas assets in the Delaware Basin from Tier 1 Merced Holdings LLC. The Permian assets were primarily located in Eddy and Lea counties, New Mexico.
The IOG Resources platform was created in 2017 and focuses on onshore non-operated oil and gas investments and structured drilling capital in North America.
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