Tokyo Gas buys 25% stake in Eagle Ford properties

Tokyo Gas America Ltd. closed an acquisition of Eagle Ford shale gas properties in South Texas from The Virtex Group Inc. of Corpus Christi, Tex., Tokyo Gas Co. Ltd. announced June 21. Tokyo Gas America is a wholly owned subsidiary of Tokyo Gas.

Tokyo Gas America Ltd. closed an acquisition of Eagle Ford shale gas properties in South Texas from The Virtex Group Inc. of Corpus Christi, Tex., Tokyo Gas Co. Ltd. announced June 21. Tokyo Gas America is a wholly owned subsidiary of Tokyo Gas.

The value of the acquisition in Hawkville field was not disclosed, but Tokyo Gas said it expects to spend about $75 million for the stake plus anticipated development investments. The properties are in Webb and LaSalle counties.

Tokyo Gas said it acquired 25% working interest in 34,000 acres in a joint project with operator Lewis Energy Group. A BP PLC unit also is a partner in the project.

It is the second time Tokyo Gas has bought a Texas shale gas development. Tokyo Gas acquired a stake in Barnett shale gas properties in 2013 from Quicksilver Resources Inc.

More in General Interest