IOG Resources II Announces Acquisition

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DALLAS--(BUSINESS WIRE)-- IOG Resources II, LLC (“IOGR II”) today announced that it has acquired oil and gas working interests and royalty interests (the “Assets”) in the DJ Basin from Civitas Resources, Inc. (NYSE: CIVI). The Assets include approximately 1,480 developed and undeveloped wellbores located primarily in Weld County, Colorado. Current net production is approximately 4.7 mboe/d under top-tier operators including Occidental Petroleum and Chevron Corporation. The acquisition represents the fourth investment in IOGR II and the sixteenth investment for the IOG Resources platform. Gibson, Dunn & Crutcher LLP acted as legal counsel to IOGR II.

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 global private equity firm focused on investing across diversified energy, utility, and general industrial end-markets. Founded in 1983, First Reserve has more than 40 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $34 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. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum. Please visit www.firstreserve.com for further information.