Sojitz unit acquires East Texas fields

Sept. 20, 2007
Sojitz Energy Venture has acquired several oil and gas producing properties in East Texas from Ark-La-Tex Energy and partners for about $79 million.

By OGJ editors
HOUSTON, Sept. 20 -- Sojitz Energy Venture Inc., an affiliate of Tokyo-based Sojitz Corp., has acquired several oil and gas producing properties in East Texas from Ark-La-Tex Energy LLC and partners for about $79 million. The acquisition reportedly is the first onshore East Texas deal by a Japanese company.

The acquired properties consist of four fields covering 6,400 acres in Panola, Rusk, and Harrison counties. They contain 26 producing wells with gross production of 6 MMcfd of gas.

The four fields are South Carthage in Panola County, Minden and Shiloh in Rusk County, and Blocker in Harrison County.

Prior to this deal, Sojitz Energy's interests were in the Gulf of Mexico, North Sea, Qatar, Egypt, and Brazil.