July 10, 2018
Sumitomo Corporation is buying acreage in the Eagle Ford for production.
The Tokyo-based corporation’s subsidiary, Summit Discovery Resources II LLC reached the agreement last week to buy 624 acres in Karnes County with an estimated 3,000 barrels per day of oil equivalent output.
The deal was struck with OG Gonzales 1835 LLC, which is managed by Dallas-based asset manager IOG Capital, LP, Covington Equity Investments LLC and 1836 Resources, LLC.
Summit said it plans more development on the acreage in the future.