Infinity Natural Resources, an US oil and natural gas producer operating in the Utica and Marcellus Shales, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The company engages in the acquisition, operation and development of oil and natural gas properties in the Utica (Ohio and Pennsylvania) and Marcellus (Pennsylvania) shells. As of June 30, 2024, its total acreage position was approximately 90,000 net acres, and its daily production averaged 25 Mboe/d (29% oil and 48% liquids) in the 2Q24. The company had total estimated proved reserves of 141,587 MBoe (48% developed) as of December 31, 2023.
The Morgantown, WV-based company was founded in 2017 and booked $221 million in sales for the 12 months ended June 30, 2024. It plans to list on the NYSE under the symbol INR. Infinity Natural Resources filed confidentially on July 23, 2024. Citi, Raymond James, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
