Japan Petroleum Exploration Co. agreed to acquire Verdad Resources Intermediate Holdings LLC for approximately $1.3 billion, securing its first operated oil and gas assets in the United States in what would be the Tokyo-listed explorer’s largest deal to date.
JAPEX will purchase the tight oil and gas properties in Colorado and Wyoming’s Denver-Julesburg Basin through a newly established subsidiary, funding the transaction with cash and debt. The deal is expected to close by late February.
The acquisition comes as Japanese energy companies accelerate investments in American shale, responding to both energy security concerns and U.S. calls for allies to increase purchases of domestic production. JERA completed a $1.5 billion Haynesville Basin deal in October, while Tokyo Gas has expanded its Texas operations.
Verdad’s assets currently produce about 35,000 barrels of oil equivalent per day, with crude and natural gas liquids accounting for 70% of output. JAPEX projects volumes could reach 50,000 boed by 2030, though achieving such growth will require substantial capital deployment across more than 1,000 additional wells.
The company estimated the assets would contribute roughly ¥20 billion ($129 million) to operating profit in the fiscal year ending March 2027. Whether that materializes depends on commodity prices and execution—variables that have challenged many shale operators.
JAPEX currently holds non-operated positions in Texas and Oklahoma through its U.S. subsidiary. The shift to operator status brings greater control but also elevated operational risk and staffing demands, with about 50 personnel expected to manage the new properties.
