The Texas-based energy investment firm says that the development programs are well-defined, diversified and ready for drilling. It intends to get the projects carried out by IOG Resources (IOGR), its newly established affiliate.
The first joint development agreement for IOGR was inked in July with Earthstone Energy. Based on the agreement, the companies will partner initially on developing 11 Eagle Ford wells in Gonzales County in Texas this year.
As per the terms, IOGR can potentially take part in up to 15 additional wells in the Eagle Ford project.
A second joint development program was closed by IOGR last month with an Oklahoma-based operator for up to 18 wells in the Merge portion of the STACK play to be funded in the Oklahoma-located Canadian County.
The third development program was closed in August end with Red Mountain Energy to jointly fund up to 20 wells targeting the Arkoma-Woodford Shale. It marks the second time that IOG has partnered with the Oklahoma-based Red Mountain in a development joint venture.
IOG founder and senior managing director Marc Rowland said: “We are very excited to work with what we believe are top-tier operators and partner to help them achieve their development plans.”
“IOGR remains committed to providing mutually beneficial project-based solutions to capable operators with exceptional assets, requiring between $25-150 million of development capital.”
IOG with its new investments in Arkoma-Woodford and Merge has grown the total acreage position of its affiliates in Oklahoma to more than 17,000 net acres.
