FARMINGTON, N.M.--(BUSINESS WIRE)--LOGOS Resources, LLC (“LOGOS”) and Merrion Oil & Gas Corp. (“Merrion”) have entered into a strategic joint venture (the “JV”) in the San Juan Basin of New Mexico on over 20,000 gross acres of Merrion’s existing leasehold.
Under the terms of the JV, LOGOS will initially operate the assets and have the option to purchase up to 70% of Merrion’s leasehold. LOGOS and Merrion will work together to develop the assets with initial drilling efforts focused on the Gallup / Mancos oil play.
According to T. Greg Merrion, President of Merrion Oil & Gas Corp., “We are very excited about partnering with LOGOS to actively develop our assets. LOGOS brings talent, capital and a unique engineering approach that will serve our JV well.”
Jay Paul McWilliams, President of LOGOS, echoed Mr. Merrion’s sentiment, stating that “Merrion Oil & Gas has been a pillar of the oil and gas community in Farmington for decades. LOGOS is honored to have the opportunity to work with Merrion to advance the development of the prolific Mancos oil play in addition to the other stacked pay intervals that exist in the San Juan Basin.”