JAPEX expands US operations with $1.3 bn tight oil and gas asset acquisition

JAPEX announced its decision to acquire all shares of Verdad Resources Intermediate Holdings LLC (VRIH) through its sub-subsidiary, Peoria Resources Acquisition Company, LLC (AcquCo). This acquisition, valued at approximately $1.3 billion, will give JAPEX operator status over VRIH's tight oil and gas assets.

Current production of about 35,000 boed (net) from these assets is expected to rise to 50,000 boed (net) by 2030. The transaction is projected to close by late February 2026.

The acquisition formalizes Peoria Resources, LLC (Peoria) and AcquCo as JAPEX's consolidated sub-subsidiaries, established to facilitate operator asset acquisition and management in the US E&P sector. Peoria is 99.7% owned by JAPEX (U.S.) Corp., a consolidated overseas subsidiary of JAPEX. AcquCo is 100% owned by Peoria.

The acquisition of VRIH shares is expected to contribute approximately 20 billion yen to operating profit in the fiscal year ending March 2027. No impact is anticipated on JAPEX's consolidated performance for the fiscal year ending March 2026.