NEW YORK, July 5, 2018 /PRNewswire/ -- Sumitomo Corporation is pleased to announce that its subsidiary company, Summit Discovery Resources II LLC ("SDRII") has reached an agreement with IOG Gonzales 1835 LLC, an entity managed by IOG Capital, LP, Covington Equity Investments LLC and 1836 Resources, LLC to acquire certain producing Eagle Ford properties in South Texas (the "Asset"). As a result of the transaction, SDRII has become the 100% working interest owner and operator of the Asset.
The Asset is set across 624 acres in Karnes County, Texas, known by many as the core of the Eagle Ford shale play, where there is an abundance of production history. Peak production for the Asset is estimated at 3,000 barrels of oil equivalent /day. 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.
About Sumitomo Corporation
Sumitomo Corporation ("SC") is a leading Fortune 500 global trading and business investment company with 108 locations in 65 countries and 22 locations in Japan. The entire SC Group consists of more than 900 companies. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC's 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.
Sumitomo Corporation Group positions "Six Material Issues to Achieve Sustainable Growth with Society" as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to "the Development of Local Communities and Industries" and "Establishing a Foundation for Comfortable and Enriching Lifestyles."
About IOG Capital, LP
Founded in 2014, IOG Capital, LP is a Dallas, Texas-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. More information is available at www.iogcapital.com.
SOURCE Sumitomo Corporation of Americas