Logos Resources LLC and Merrion Oil & Gas Corp. formed a joint venture (JV) in New Mexico’s San Juan Basin, Logos said May 30.
The JV concerns more than 20,000 gross acres of Merrion’s existing leasehold, the company added. Logos will operate the assets, and the two companies will develop them, Logos said. The initial drilling will be in the Gallup/Mancos oil play, the company added.
Logos has the option to purchase up to 70% of Merrion’s leasehold, the company noted.
“We are very excited about partnering with Logos to actively develop our assets. Logos brings talent, capital and a unique engineering approach that will serve our JV well,” said T. Greg Merrion, the president and CEO of Merrion Oil & Gas.
“Merrion Oil & Gas has been a pillar of the oil and gas community in Farmington for decades. Logos is honored to have the opportunity to work with Merrion to advance the development of the prolific Mancos oil play in addition to the other stacked pay intervals that exist in the San Juan Basin,” said Jay Paul McWilliams, the president of Logos.
Farmington, N.M.-based Logos Resources LLC operates in the San Juan Basin.
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