Exploration & Production | Finance & Investing | New Company / Start-Ups | Capital Markets | Private Equity Activity
ArcLight Commits $100MM to New San Juan Basin E&P
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LOGOS Resources, LLC has reported an upsized equity capital commitment to $100 million from ArcLight Capital Partners, LLC.
LOGOS plans to use the equity commitment to develop its existing acreage in the core of the Gallup oil resource play in the San Juan Basin, utilizing both horizontal and vertical drilling technology. LOGOS will also use the additional capital to expand its footprint and pursue additional acreage acquisition opportunities.
LOGOS was formed in January 2012 in partnership with ArcLight and Consolidated Asset Management Services. LOGOS is led by President Jay Paul McWilliams, and the senior management team also includes VP of Operations David Gonzales and VP of Land Austin Akers, all formerly with LINN Energy. To date, LOGOS has amassed over 13,500 net acres in the core of the Gallup play and grown its production base through the drill bit to approximately 1,000 Boe per day.
Jay Paul McWilliams said: "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."
Mark Bisso, Principal at ArcLight, commented: "We’re excited to expand our relationship with Jay Paul and the LOGOS management team to support their continued growth. 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."