Wedoany.com Report-Mar 3, IOG Resources has acquired non-operating working interests in the Utica shale, raising its net production in the Appalachian Basin by about 26 million cubic feet of natural gas equivalent a day (MMcfed).

IOG Resources acquired non-operating stakes in the Utica shale with a net production of about 26 million cubic feet of gas equivalent a day.

The purchase consisted of around 175 developed wellbores and approximately 4,500 net acres of leasehold in Ohio, one of the three main gas-producing states in the Appalachian Basin alongside Pennsylvania and West Virginia according to the Energy Information Administration.

The Dallas, Texas-based energy investment platform did not disclose the seller or the purchase price.

IOG Resources, which made the acquisition through IOG Resources II LLC (IOGR II), said in an online statement production from the assets is “under top-tier operators including Antero, Encino, EOG, EQT, Expand and Gulfport”.

“The acquisition represents the fifth investment made by IOGR II, which was raised in 2022, and the seventeenth investment for the IOG Resources platform”, it added. IOG Resources has two platforms, the other being IOG Resources LLC (IOGR I).

IOG Resources has made five “significant” acquisition transactions involving non-operated stakes at an average purchase price of about $90 million since 2021, it says on its website. IOG Resources targets onshore assets in the Lower 48, or the contiguous United States.

It had about 24,000 barrels of oil equivalent per day (boed) of production and about 1,800 wells - spread in the Permian, Utica, Marcellus, DJ, Mid-Continent and Eagle Ford - as of January 2025.

Last year IOGR II obtained working and royalty stakes in the DJ Basin from Civitas Resources Inc. The assets comprised about 1,480 developed and undeveloped wellbores mainly in Weld County, Colorado.

“Current net production is approximately 4.7 mboe/d under top-tier operators including Occidental Petroleum and Chevron Corporation”, IOG Resources said in a press release May 6, 2024.

On March 30, 2023, IOG Resources announced a deal with an unnamed company to buy non-operated Appalachian assets with a net production of about 24 MMcfed. The acquisition included 66 producing wellbores and 7,000 net acres primarily in Carroll County, Ohio, and Butler County, Pennsylvania.

In 2022 it acquired stakes in the Marcellus shale, part of the Appalachian Basin, and the Delaware Basin, a Permian sub-basin.

The Marcellus acquisition from Seneca Resources Co. LLC, part of National Fuel Gas Co., consisted of non-operated wellbores primarily in the counties of Clearfield, Elk and McKean in Pennsylvania. The assets had a net production of about 17 MMcfd.

“The acquisition represents the initial investment for IOGR II, the successor platform to IOG Resources, LLC”, IOG Resources said November 22, 2022.

The Delaware Basin acquisition from Tier 1 Merced Holdings LLC consisted of non-operated wellbores, primarily in the New Mexico counties of Eddy and Lea.

“With this acquisition, IOGR adds net production of approximately 3,800 boe/d under top-tier operators including Devon, Conoco, and Marathon”, IOG Resources said March 3, 2022.

In 2021 it acquired non-operating stakes in 77 producing horizontal wells from Sequel Energy Group LLC. The assets, operated by Southwestern Energy Co. and Ascent Resources, had a net production of about 75 MMcfed, as announced March 3, 2021.

IOG Resources, formed 2014, says it has been “sponsored” by First Reserve Corp. since 2017.

Stamford, Connecticut-based First Reserve, which lists IOG Resources as a portfolio company, says on its website, “IOG Resources, LLC [IOGR I] and IOG Resources II, LLC are non-operated exploration and production companies focused on partnering with operators to provide drilling capital to acquire working interests in oil and natural gas assets across multiple core hydrocarbon basins in North America (each distinct asset investment a Development JV or PDP acquisition)”.