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Tokyo Gas America acquires stake in Castleton Resources

EBR Staff Writer Published 09 May 2017

Tokyo Gas America has purchased a 30% equity stake in Castleton Resources, a subsidiary of Castleton Commodities International (CCI).

In November last year, CCI purchased Carthage upstream and midstream assets in East Texas from subsidiaries of Anadarko Petroleum for around $1bn.

The company combined the purchased assets with its existing East Texas upstream assets to form a new subsidiary, Castleton Resources.

Castleton Resources has been formed to focus on the acquisition and development of oil and gas assets in the East Texas / Louisiana region, specifically unconventional Haynesville assets.

Currently, Castleton Resources has around 160,000 net acres of leasehold in East Texas, as well as operates around 1,900 producing wells. 

Castleton Resources president and CEO Craig Jarchow said: "We welcome this new partnership with Tokyo Gas America Ltd. and remain focused on optimizing and growing our upstream and midstream assets in this region.

“Castleton Resources is well-positioned to enhance the value of these assets through operational improvements and development of the multiple producing zones in the area, particularly the Haynesville Shale."

Tokyo Gas America president and CEO Shunjiro Yamashita said: "The Gulf Coast area, specifically East Texas and North Louisiana, is strategically important for Tokyo Gas and we are excited to join forces with CCI and the quality management team at Castleton Resources.”

Tokyo Gas America, which is a wholly owned subsidiary of Tokyo Gas, was established in 2013 to develop businesses such as upstream, midstream and downstream operations, as well as natural gas distribution and LNG exportation in North America.