Kirkland & Ellis counseled IOG Resources II, LLC (IOGR II) on the purchase from an undisclosed buyer of a non-operated interest in producing gas assets in Appalachia operated by Seneca Resources, an affiliate of National Fuel Gas (NYSE: NFG). The assets consist of non-operated wellbores primarily in Clearfield, Elk and McKean counties, Pennsylvania with current net production of approximately 17 mmcfd. The acquisition represents the initial investment for IOGR II, the successor platform to IOG Resources, LLC. Following the transaction, the IOG Resources platform includes 13 discrete investments across six core basins in the United States.
The Kirkland team was led by real assets M&A partner Rahul Vashi and associates Isaac Bate and Curtis French, with assistance from tax partner David Wheat and associate David Gilbert; debt finance partner Lucas Spivey and associate Brittany Taylor; and corporate partner Shubi Arora.