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.