LOGOS Resources II, which was established in 2016 with an initial commitment of $150m, holds an acreage of more than 230,000 net acres in the San Juan basin where its current net production is 106MMcfe per day
North Hudson Resource Partners acquires LOGOS Resources II. (Credit: John R Perry from Pixabay)
North Hudson Resource Partners and its affiliated funds have acquired US-based upstream company LOGOS Resources II from affiliates of ArcLight Capital Partners for a sum of around $402m.
The acquisition by the Houston-based energy investment firm was carried out in partnership with LOGOS Resources II’s management team.
LOGOS Resources II is active in the San Juan basin, where it has an acreage of more than 230,000 net acres. It was established in 2016 with an initial capital commitment of $150m.
The company’s predecessor, LOGOS Resources, was also backed by ArcLight Capital Partners with a capital commitment of $100m. LOGOS Resources had sold the majority of its assets in Q3 2014.
LOGOS Resources II’s current net production is 106 million cubic feet of gas equivalent (MMcfe) per day.
Its inventory of drilling locations is at the core of the Mancos shale and Gallup oil play.
Recently, the company launched a 2022 drilling campaign through which it expects to ramp up its net production to nearly 130MMcfe per day by the year-end.
LOGOS Resources’ CEO Jay Paul McWilliams and the existing management team will continue to lead its operations.
North Hudson Resource Partners managing partner Mark Bisso said: “We are very pleased to have the opportunity to work with Jay Paul and the LOGOS team.
“LOGOS presents a significant opportunity for our investors given the Company’s strong management team, significant and stable production base, and expansive undeveloped resource base.”
North Hudson Resource Partners is focused on upstream and midstream energy investment opportunities in North America. It is said to have more than $850m of assets under management.
The current portfolio of the energy investment firm includes stakes in more than 4,500 wells. These are located mainly in the Permian Basin, San Juan basin, DJ basin, and Haynesville shale.
McWilliams said: “We are excited to partner with North Hudson and will use our new resources to accelerate the development of our Mancos and Gallup reserve base following the success of our 2021 horizontal drilling program.
“Our operating and development track record, basin-leading ESG programs, and financial and strategic support provided by North Hudson, place LOGOS in an excellent position to execute on the next phase of value creation.”