US-based private equity firm North Hudson Resource Partners and its affiliated funds have acquired oil and gas acquisitions and development company LOGOS Resources II in a deal worth around $402m.
The energy investment firm was purchased from affiliates of private equity firm ArcLight Capital Partners.
LOGOS Resources II owns acreage of more than 230,000 net acres in the San Juan basin. It has an inventory of drilling locations in the core of the prolific Mancos Shale and Gallup oil play.
The firm’s current net production capacity stands at 106 million cubic feet of gas equivalent (MMcfe) per day.
LOGOS Resources’ existing management team and CEO Jay Paul McWilliams will continue to lead its operations.
North Hudson Resource Partners managing partner Mark Bisso said: “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.”
The LOGOS Resources II’s predecessor LOGOS Resources was also backed by ArcLight Capital Partners with $100m capital commitment. In 2014, LOGOS Resources divested majority of its assets.
LOGOS Resources II’ CEO Jay Paul McWilliams and the existing management team will continue to lead its operations.
Recently, LOGOS Resources II launched a 2022 drilling campaign to boost its net production to nearly 130MMcfe per day by the end of this year.
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.”
With more than $850m worth of assets under management, North Hudson has portfolio of both non-operated and operated oil and gas assets.