JAPEX subsidiary acquires oil, gas business of Verdad Resources

Peoria Resources LLC, a subsidiary of JAPEX (US) Corp., completed its acquisition of the entire operated oil and gas business of Verdad Resources Holdings LLC, Denver. Total enterprise value of of the deal is estimated at $1.26 billion, according to Verdad Resources.

Peoria is acquiring all of Verdad's exploration and production assets in the Denver-Julesburg basin, which consists of about 101,000 net acres across Colorado and Wyoming and focuses on horizontal Niobrara and Codell formation development.

JAPEX (US) Corp. is a Houston-based overseas consolidated subsidiary of JAPEX (Japan Petroleum Exploration Co. Ltd., focused on domestic US investments in the energy industry.