Sumitomo said that its subsidiary Summit Discovery Resources II (SDRII) has reached an agreement with IOG Gonzales 1835, Covington Equity Investments and 1836 Resources to purchase certain producing Eagle Ford properties in South Texas.
As a result of the transaction, SDRII has become the 100% working interest owner and operator of the Asset.
The Asset is located in Karnes County, Texas, known by many as the core of the Eagle Ford where there is an abundance of production history.
This strategic acquisition will allow SDRII to build its operating capacity and experience for future growth through operating existing producing wells and future well development within the Asset.
Sumitomo and SDRII will contribute to human life and development of local industry through stable supply of oil and gas from the Asset.
Source: Company Press Release