Tokyo Gas Co. will purchase Rockcliff Energy for $2.7 billion nearly a year after a deal for the Haynesville Shale E&P reportedly fell apart, the Japanese company announced in a Dec. 16 press release.

The purchase of Quantum Energy-backed Rockcliff will be made through Tokyo Gas subsidiary TG Natural Resources, headed by CEO Craig Jarchow. The acquisition includes upstream assets in Texas and Louisiana targeting the Haynesville and Cotton Valley. Rockcliff is headed by Alan Smith, the company’s co-founder, president and CEO.

The deal comes after reports in early January that Tokyo Gas wanted to acquire Rockcliff for about $4.6 billion before the deal reportedly fell apart, apparently due to declines in natural gas prices.

Smith, speaking at Hart Energy’s DUG Haynesville conference earlier this year, did not specifically comment on Tokyo Gas’ interests. Smith said that Rockcliff had run a sales process and had discussions with potential buyers, “some of them more advanced than others.”

“And I should probably leave it at that,” he said at the time.

Tokyo Gas said that as a result of the acquisition, TG Natural Resources volumes of gas and NGL would increase by approximately 4x — from approximately 330 MMcf/d to 1,300 MMcf/d. TG Natural Resources has been a Tokyo Gas subsidiary since 2020.

Tokyo Gas Group, the company said, is committed to tripling its overseas profits.

“We will continue to invest in building a stable earnings base overseas, including North America,” the company said. “The impact of this transaction on consolidated results for the fiscal year and next year is being reviewed. We will promptly notify of any matters that need to be disclosed.”

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