SUMITOMO INVESTS IN EAGLE FORD TIGHT OIL ASSETS
Sumitomo Corporation (Sumitomo, Head Office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) announced that our subsidiary company, Summit Discovery Resources II LLC (SDRII, Head Office: Texas, U.S.A., Representative; Hajime Mori) has reached an agreement with IOG Gonzales 1835 LLC, an entity managed by IOG Capital, LP (IOG, Head Office: Texas, U.S.A.), Covington Equity Investments LLC (Covington, Head Office: Texas, U.S.A.) and 1836 Resources, LLC (1836, Head Office: Texas, U.S.A.) to acquire certain producing Eagle Ford properties in South Texas (Asset). As a result of the transaction, SDRII has become the 100% working interest owner and operator of the Asset.
The Asset is located in Karnes County, Texas, known by many as the core of the Eagle Ford where there is an abundance of production history. This strategic acquisition will allow SDRII to build its operating capacity and experience for future growth through operating existing producing wells and future well development within the Asset.
Sumitomo and SDRII will contribute to human life and development of local industry through stable supply of oil and gas from the Asset. (Source: Sumitomo Corporation)