HOUSTON, Dec. 19, 2025 /PRNewswire/ — Peoria Resources, LLC (“Peoria”), a subsidiary of JAPEX (U.S.) Corp. (“JUS”), the overseas consolidated subsidiary of Japan Petroleum Exploration Co. Ltd. (“JAPEX”), today announced the signing of a Membership Interest Purchase Agreement (“MIPA”) to acquire the operated oil and gas business of Verdad Resources Intermediate Holdings, LLC (“Verdad”) in the Colorado DJ Basin. The signing of the MIPA with Verdad is aligned with Peoria’s strategy to acquire operated assets and leasehold acquisitions across the lower 48.
“We are excited to enter into this agreement to acquire an asset within the DJ Basin which provides size, scale, substantial operated inventory, best-in-class margins and access to premium markets. Acquisition of this top tier asset which includes 101,000 net acres and stacked pay development potential aligns with our strategy 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,” said Greg West, Peoria’s Chief Executive Officer.
“Peoria and JUS partnered earlier this year to pursue the acquisition of operated U.S. onshore oil and gas assets. This acquisition represents a key milestone in that partnership and establishes a strong foundation for continued investment in the U.S. onshore oil and gas sector,” added David Kita, Peoria’s Chief Technical Officer.
“We are pleased to acquire a cornerstone asset with which to grow our onshore U.S. operated business through Peoria. The top tier assets being acquired, combined with the Peoria team’s extensive experience is a great start to our operated business in the U.S.,” said Tetsuo Fukuhara JUS President.
“This acquisition continues to show that our commitment to the U.S. market remains strong. The Verdad acquisition is just the beginning of our journey with the Peoria team to create a long-term sustainable business in the U.S. that provides strong returns for the foreseeable future,” added Josh Karim, JUS Chief Operating Officer.
Wells Fargo Securities, LLC served as exclusive financial advisor to Peoria, and Willkie Farr & Gallagher LLP served as exclusive legal advisor to Peoria in connection to the transaction. Wells Fargo Bank, National Association will serve as Administrative Agent on Peoria’s credit facility.
JP Morgan Securities LLC served as exclusive financial advisor to Verdad, and Kirkland & Ellis LLP served as exclusive legal advisor to Verdad in connection to the transaction.
About Peoria Resources, LLC
Based in Houston, Peoria Resources is an exploration and production company pursuing the acquisition and development of operated oil and natural gas assets in the lower 48. The Peoria management team is led by co-founders Greg West, Chief Executive Officer, and David Kita, Chief Technical Officer. Prior to Peoria, West and Kita worked together as part of the management team at Treadstone Energy Partners and have extensive experience in upstream oil and gas. For more information, please visit: www.peoriaresources.com.
About JAPEX (U.S.) Corp.
JAPEX (U.S.) Corp., which was established in 1980, is a Houston-based overseas consolidated subsidiary of JAPEX (Japan Petroleum Exploration Co. Ltd.), focused on domestic U.S. investments in the energy industry. For more information, please visit: https://www.JAPEX.co.jp/en/.
Media Contact:
Josh Karim
joshua.karim@japex.com
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SOURCE Peoria Resources, LLC
