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IOG Resources II, LLC has acquired producing gas assets from Seneca Resources, a subsidiary of National Fuel Gas (NYSE: NFG). The acquired assets are located in Pennsylvania's Clearfield, Elk, and McKean counties, with a net production of approximately 17 million cubic feet per day (mmcfd). This acquisition marks IOGR II's initial investment, expanding its platform to include 13 investments across six core U.S. basins. The deal reflects IOGR II's strategy for onshore, non-operated oil and gas investments.
Positive
Acquisition of gas assets with net production of 17 mmcfd enhances production capabilities.
Expands IOG Resources' portfolio to 13 investments across six core U.S. basins.
Negative
None.
DALLAS--(BUSINESS WIRE)--
IOG Resources II, LLC (“IOGR II”) today announced that it has acquired producing gas assets (the “Assets”) in Appalachia operated by Seneca Resources, an affiliate of National Fuel Gas (NYSE: NFG). The Assets consist of non-operated wellbores primarily located in Clearfield, Elk and McKean counties, Pennsylvania with current net production of approximately 17 mmcfd. The acquisition represents the initial investment for IOGR II, the successor platform to IOG Resources, LLC. Following the transaction, the IOG Resources platform includes 13 discrete investments across 6 core basins in the US. Kirkland & Ellis LLP acted as legal counsel for IOGR II.
About IOG Resources
IOG Resources, LLC and IOG Resources II, LLC are Dallas, Texas-based energy investment platforms sponsored by First Reserve. The group was established in 2017 and is focused on onshore producing non-operated oil & gas investments and structured drilling capital in North America. 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 725 transactions, including platform investments and add-on acquisitions, on six continents.
What are the details of IOG Resources II's acquisition from National Fuel Gas?
IOG Resources II acquired producing gas assets from Seneca Resources, a National Fuel Gas affiliate, located in Pennsylvania, with a net production of approximately 17 mmcfd.
How does the acquisition impact National Fuel Gas (NFG)?
The acquisition allows National Fuel Gas to streamline operations by divesting non-operated wellbores, focusing on core assets.
When was the acquisition by IOG Resources II announced?
The acquisition was announced on the date of the press release, with no specific date provided.
What is the strategic importance of this acquisition for IOG Resources II?
This acquisition positions IOG Resources II as a key player in the onshore natural gas sector and aligns with their investment strategy in producing non-operated assets.
