June 30, 2023
DALLAS–(BUSINESS WIRE)–IOG Resources Management (“IRM”), the management company responsible for managing IOG Resources, LLC (“IOGR I”) and IOG Resources II, LLC (“IOGR II”), today announced three senior management promotions. Effective immediately, Tommy Woolley has been promoted to Chief Executive Officer, George Edwards has been promoted to Executive Vice President, Business Development, and Jay Heath has been promoted to Executive Vice President and Chief Financial Officer.
Mr. Woolley has over 20 years of industry experience and has served in a variety of leadership roles at IRM and its predecessor entities since 2014, including most recently as Managing Director, where he led the engineering and technical team. Prior to IRM, he held engineering roles at Netherland, Sewell & Associates, Inc. and BP.
Mr. Edwards brings 15 years of industry experience to this new role, including nine years at IRM and its predecessor entities, most recently serving as Managing Director responsible for business development efforts. His prior experience includes roles at EXCO Resources, Inc. and KPMG. Mr. Heath also has 15 years of industry experience, including seven years at IRM and its predecessor entities. Most recently, he served as Managing Director, where he was responsible for finance. He joined IRM in 2017 from Willow Bend Oil and began his career at Ernst & Young, where he provided assurance and transaction advisory services.
“Tommy, George and Jay have each played an integral role as part of the IOG Resources leadership team since inception, having accomplished a tremendous amount together that has positioned our business for long-term, continued success. We are excited for Tommy and the team to continue to lead the business in their new roles as we execute our strategy of acquiring non-operated producing assets and providing development capital to the upstream industry,” said James Bennett, Chairman of the IOGR I and II Boards.
Since its first close in 2022, IOGR II has completed three transactions, including a gas-weighted PDP acquisition in the Marcellus, a three-stream PDP acquisition in the Utica and Marcellus, and an oil-weighted drilling partnership with a large operator in the Permian Basin. Collectively, the IOG Resources platforms have completed 15 discrete investments across 6 core basins in the US, representing over $650 million of capital deployed since 2017.
About IOG Resources
IOG Resources, LLC and IOG Resources II, LLC are Dallas, Texas-based energy investment platforms sponsored by First Reserve. The group was established in 2017 and is focused on onshore producing non-operated oil & gas investments and structured drilling capital in North America. For more information, please visit www.iogresources.com.
About First Reserve
First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 40 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 750 transactions, including platform investments and add-on acquisitions, on six continents.
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