Japex to acquire US tight oil and gas producer VRIH for $1.3bn

Japan Petroleum Exploration (Japex) has announced plans to acquire Verdad Resources Intermediate Holdings (VRIH), which owns tight oil and gas assets in the US, from Verdad Resources Feeder for around $1.3bn (Y204bn). The entire equity interest in VRIH will be acquired by Japex through its subsidiary Peoria Resources Acquisition Company, which is managed by an overseas subsidiary, Peoria Resources. This deal will make VRIH a consolidated subsidiary (sub-subsidiary) of Japex. VRIH owns tight oil and gas ...