IOG Resources II Announces Acquisition

DALLAS--(BUSINESS WIRE)--IOG Resources II, LLC (“IOGR II”) today announced that it has signed definitive documentation to acquire non-operated oil & gas assets (the “Assets”) in Appalachia. The Assets include 66 producing wellbores and 7,000 net acres primarily located in Carroll County, Ohio and Butler County, Pennsylvania with current net production of approximately 24 mmcfe/d including a substantial liquids component. The acquisition represents the second investment for IOGR II. Following the transaction, the IOG Resources platform will have completed 14 discrete investments across 6 core basins in the US. Kirkland & Ellis LLP acted as legal counsel for IOGR II. The transaction is expected to close during the second quarter of 2023 subject to satisfaction of customary closing conditions.

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 40 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 750 transactions, including platform investments and add-on acquisitions, on six continents.