IOG Capital Acquires Sequel Energy Group’s Ohio Assets
IOG Resources LLC, an affiliate of Texas-based energy investment firm IOG Capital LP, has entered into an agreement with privately-held Sequel Energy Group LLC to acquire certain producing Utica Shale properties in Ohio, for an undisclosed consideration.
The assets acquired consist of non-operated working interests in 77 producing horizontal wells operated by Southwestern Energy Co. and Ascent Resources Plc. As of January 1st, 2021, the assets had an average daily net production of approximately 75 million cubic feet of natural gas equivalent per day (MMcfe/d), of which 85% was gas.
IOG Capital invests in diversified upstream oil and gas projects located in the United States. The company has closed over 30 transactions across six states and 24 counties, with investment in more than 500 wells.
Denver-based Sequel Energy Group is an affiliate of GSO Capital Partners LP (the credit platform of The Blackstone Group). The company was formed in November 2016 to target structured or credit investments in non-operated oil and gas working interests in proven resource plays throughout North America.
Kirkland & Ellis LLP acted as legal counsel to IOG Capital for the transaction. RBC Richardson Barr acted as financial advisor, and Welborn Sullivan Meck & Tooley acted as legal counsel to Sequel Energy Group.