IOG Resources III backs $125-million drilling program in Powder River basin
(WO) - IOG Resources III has closed a $125-million joint development partnership to fund an 18-well horizontal drilling program targeting the Niobrara formation in Wyoming’s Powder River basin.
The program is located in Converse County and represents the platform’s first investment under IOGR III. The undisclosed operating partner will execute the drilling campaign, which adds to ongoing development activity in one of the Rockies’ most active oil plays.
The investment also marks the 20th transaction for the broader First Reserve-backed IOG platform, bringing cumulative capital deployed to more than $1 billion.
IOG Resources focuses on structured capital investments in North American upstream projects, including non-operated producing assets and drilling partnerships.
