In its first acquisition of a shale gas operator, Tokyo Gas Co. Ltd. will take a controlling interest in Castleton Resources LLC, the Japanese company said July 29.

Through its subsidiary, Tokyo Gas America Ltd., Tokyo Gas will pay about $620 million ($65 billion JPY) as it increases its ownership in Castleton Resources to 70% from 46%. Tokyo Gas said the investment was made in connection with the acquisition of additional oil and gas assets in Louisiana.

Tokyo Gas plans to purchase more Louisiana oil and gas assets through Castleton Resources with closing set for Aug. 14. 

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access