Japanese firm JAPEX made an equity investment in new E&P Peoria Resources, the companies said March 26. (Source: Shutterstock.com)
JAPEX U.S. Corp. (JUS), the U.S. arm of Japan Petroleum Exploration Co. Ltd., has made an equity investment to E&P Peoria Resources, the companies said March 26.
Financial terms of the equity investment were not disclosed, but the transaction comes as part of JAPEX’s plans to invest $1.5 billion in exploration and development projects through the end of 2030.
The Peoria Resources management team is led by co-founders Greg West, CEO, and David Kita, CTO.
Before launching Peoria, West and Kita served on the management team of TreadStone Energy Partners. TreadStone Energy Partners III launched with a $180 million equity commitment from Kayne Anderson in 2022.
“We are excited to partner with JAPEX to build a healthy, scalable operated oil and gas business, employing top notch staff who deliver quality choices for cash flow and additional equity investment across both short- and long-term horizons,” West said.
The Peoria investment is an extension of JAPEX’s existing non-operated U.S. oil and gas business.
JAPEX owns minority interests in the South Texas Eagle Ford Shale and in the Woodford play in southern Oklahoma. Operators include Marathon Oil and EOG Resources, according to the JAPEX website.
“We believe that our experience identifying and optimizing assets, paired with JAPEX’s expertise, will position Peoria to build a successful operated oil and gas business,” Kita said.
Willkie Farr & Gallagher LLP served as legal adviser to Peoria. K&L Gates LLP served as legal adviser to JUS in connection to Peoria’s formation.
RELATED
TreadStone III Launches with $180 Million Equity Commitment from Kayne Anderson
International interest
M&A experts say there’s significant interest for U.S. shale among international buyers once again, particularly for natural gas assets.
Japanese companies are clearly leading the way in U.S. shale gas among Asian and European buyers.
Japanese firm Mitsui spudded a test well earlier this month near the emerging western Haynesville play, adjacent to acreage held by Comstock Resources.
TG Natural Resources, the fourth-largest Haynesville Shale gas producer, is majority owned by Tokyo Gas, the largest utility company in Japan.
Sabine Oil & Gas, another major Haynesville producer, is backed by Japanese utility Osaka Gas.
RELATED
Japan’s Mitsui Testing Western Haynesville Alongside Comstock, Aethon
Recommended Reading
CPP Wants to Invest Another $12.5B into Oil, Gas
2025-03-26 - The Canada Pension Plan’s CPP Investments is looking for more oil and gas stories—in addition to renewable and other energies.
Kissler: Gas Producers Should Still Hedge on Price
2025-03-27 - Recent price jumps and rising demand don’t negate the need to protect against future drops.
Expand Appoints Dan Turco to EVP of Marketing, Commercial
2025-02-13 - Expand Energy Corp. has appointed industry veteran Dan Turco as executive vice president of marketing and commercial.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.