Non-op player IOG Resources has formed its third investment vehicle in partnership with private equity firm First Reserve, according to a May 6 press release.

IOG Resources III Holdings LLC has an investment target ranging from approximately $50 million to $200 million, the release said.

First Reserve previously backed IOG Resources and IOGR II, the company said.

IOGR III will focus on acquiring non-operated working interests and developing joint ventures in major North American onshore basins.

As of May, IOG’s asset portfolio includes an average 20 MMboe/d of net production.

“We are excited to continue our partnership with First Reserve, adding capacity and duration to our business with this third and already largest vehicle to date,” said Tommy Woolley, CEO and board member of IOG Resources. “Grounded in a decade of experience navigating the commodity cycles and an evolving macro environment, we will continue providing flexible solutions for leading operators.”

Gibson Dunn & Crutcher LLP served as legal counsel in connection with the formation of IOGR III.

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