Private Equity | Capital Markets

IOG forms Partnership with PE-Firm First Reverse To Fund DrillCo's

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IOG Resources III Holdings, LLC (IOGR III)

  • Overview:
    IOGR III is the third investment vehicle formed by IOG Resources, a leading provider of asset-level capital solutions and strategic partner in the upstream oil & gas sector.

  • Partnership:
    Formed in partnership with private equity firm First Reserve, continuing a successful collaboration from two prior vehicles.

  • Focus:
    Acquisition of non-operated working interests and formation of development joint ventures across all major North American onshore basins.

  • Investment Range:
    Targets deals approximately between $50 million and $200 million.

  • Portfolio:
    IOG Resources holds a diversified portfolio with over 20,000 barrels of oil equivalent per day (mboe/d) of net production as of May 2025.

  • Leadership:
    Tommy Woolley, CEO and Board Member, highlights the company’s decade of experience managing commodity cycles and navigating evolving macro environments. IOGR III is their largest vehicle yet, designed to add capacity and duration to their business.

  • Strategic Goal:
    To continue providing flexible capital solutions for leading upstream operators across North America.

“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.”

Related Companies

IOG Capital LP - Private

First Reserve Corp - Private


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