DALLAS, TEXAS: IOG Resources II LLC (IOGR II) has acquired producing gas assets in Appalachia operated by Seneca Resources, an affiliate of National Fuel Gas (NYSE: NFG).
The producing gas 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.
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. www.iogresources.com
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.