IOG Resources III, LLC (“IOGR III”) today announced the closing of a joint development partnership in the Powder River Basin with an undisclosed operator. The drilling program includes 18 horizontal Niobrara wells located in Converse County, Wyoming and represents approximately $125 million of net capital. This partnership marks the first investment by IOGR III. Together, it is the twentieth investment for the FR IOGR Platform and represents a cumulative gross capital deployed of over $1 billion. Gibson, Dunn & Crutcher LLP acted as legal counsel to IOGR III.

About IOG Resources

IOG Resources is a Texas-based energy investment platform formed in 2014 and sponsored by First Reserve since 2017. Together, IOG Resources and First Reserve are focused on investing in producing non-operated oil & gas assets and structured drilling capital in North America. For more information, please visit www.iogresources.com

About First Reserve

First Reserve is a leading private equity firm investing in Infrastructure Solutions, Value-Added Infrastructure and Resources strategies with exposure across energy, utility and industrial markets. Founded in 1983, First Reserve has more than 40 years of industry insight and has cultivated a differentiated network of relationships and portfolio exposure. Since inception, First Reserve has raised over $34 billion of aggregate capital and has developed operational experience built from over 750 transactions, including platform investments and add-on acquisitions. For more information, please visit www.firstreserve.com.

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