Jackson Walker represented IOG Gonzales 1835 LLC, an entity managed by IOG Capital, LP, alongside co-owners, Covington Equity Investments LLC, and 1836 Resources, LLC, in the sale of certain producing Eagle Ford properties in South Texas to Summit Discovery Resources II, LLC. As a result of the transaction, Summit has become the 100 percent working interest owner and operator of the assets, which span approximately 624 acres in Karnes County, Texas.
IOG Capital, LP is a Dallas-based energy investment firm that manages oil and gas assets. The Firm seeks to invest in diversified upstream oil and gas development projects located onshore in the United States through joint development, and joint operating agreements. As of June 2018, IOG has deployed over $800 million of capital in more than 450 oil and gas wells diversified across four states and 22 counties.
Based in the United States, Summit Discovery Resources II, LLC operates as a subsidiary of Sumitomo Corporation, a Fortune 500 global trading and business investment company with 108 locations in 65 countries and 22 locations in Japan. Comprising more than 900 companies, Sumitomo Corporation conducts commodity transactions in all industries. Its core business areas include metal products, transportation and construction systems, infrastructure, media and ICT, living related and real estate, mineral resources, energy, and chemical and electronics.
Dallas partners James S. Ryan, III and S. Jordan Smith represented IOG Gonzales 1835 LLC in the transaction. To explore Jackson Walker’s transactional experience, view our Corporate & Securities and Energy practice pages.
For more information about this transaction, view the press release and NGI’s Shale Daily article.
James S. Ryan, III helps clients with matters including business acquisitions and divestitures, capital formation and investments, and joint venture transactions. Jim works with clients from the earliest stages of their development through significant liquidity events, which allows him to bring a broad-based perspective to the matters he handles. His clients have ranged from newly formed entities funded by seed capital or venture capital to public companies with market capitalization in the billions of dollars.
S. Jordan Smith concentrates his practice in the areas of oil, gas, and natural resources law, with an emphasis on negotiating transactions pertaining to upstream financing, joint ventures, DrillCo transactions, and traditional acquisitions and divestitures. Jordan represents exploration and production companies, private equity funds, and other financial institutions in complex transactions across the energy sector, with a particular focus on alternative financing and joint ventures to develop upstream and midstream oil and gas assets, including Drillco transactions, volumetric production payments, equity joint ventures and farmout arrangements. In addition, he has experience in a variety of other complex business transactions, including the acquisition and development of real property, corporate mergers and reorganizations, asset sales and acquisitions, and project financing.