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Japan's Sumitomo trading house to acquire Texas tight oil asset




By Reuters

Petroleumworld 07 06 2018

* Japanese trading house Sumitomo Corp said on Thursday its subsidiary has agreed with IOG Gonzales 1835 LLC, an entity managed by IOG Capital, LP, Covington Equity Investments LLC and 1836 Resources, LLC to acquire a 100 percent stake in certain Eagle Ford tight oil properties in South Texas.

* The oil assets have been producing oil, with estimated peak production at 3,000 barrels of oil equivalent per day, it said in a statement.

* The stake acquisition is to cost less than $50 million, a company spokeswoman said. It also plans to drill multiple wells over the next three to four years, she added.


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Reporting by Osamu Tsukimori; Editing by Sunil Nair from Reuters. 07 05 2018

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