LOGOS Resources LLC, an oil and gas E&P company formed in Jan. 2012 through a partnership with private-equity firm ArcLight Capital Partners LLC and Consolidated Asset Management Services, noted on Jan. 30 an upsized capital commitment to $100 million from ArcLight. LOGOS will use the equity commitment to develop the core of its acreage in the San Juan Basin's Gallup project, the company added.
Additional capital will be used to possibly buy more acreage, the company said. The Gallup project will use horizontal and vertical drilling, the company added.
“We’re excited to expand our relationship with Jay Paul and the LOGOS management team to support their continued growth,” said Mark Bisso, principal at ArcLight.
He added, “LOGOS has been a leader in the discovery and development of the San Juan Gallup play, and has assembled a top tier acreage position offsetting some of the play’s most prolific horizontal wells. The company is very well positioned to add to its acreage position and accelerate the development of its attractive asset base in the years to come.”
Currently, LOGOS holds more than 13,500 net acres in the Gallup project’s core, and produces roughly 1,000 barrels of oil equivalent per day (BOE/d), LOGOS said.
LOGOS’s president, Jay Paul McWilliams, has two senior management team members formerly from LINN Energy LLC (NasdaqGS: LINE), the company said. They are David Gonzales, vice president, operations and Austin Akers, vice president, land, the company noted.
“ArcLight’s expertise, financial strength and support has been pivotal to our success to date, and we look forward to deploying this new round of capital to continue development of our top tier position in the Gallup play. Given the extensive opportunities offered by vertical and horizontal development, as well as our strong partnership with ArcLight and CAMS, we are confident that LOGOS will grow into a top-tier E&P company,” said McWilliams.
LOGOS Resources is based in Farmington, N.M.
ArcLight is a private-equity firm focused on North American energy infrastructure assets. It is based in Boston.
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