Japan Petroleum Exploration (JAPEX) has completed its purchase of four US companies that hold tight oil and gas assets in Colorado and Wyoming, paying $278mn and financing most of the price with a reserve-based loan.
What JAPEX bought
The company said it closed on 1 October 2026 local time, after discussions with the seller. It took the entire equity of Fundare Resources Operating Company, LLC, Fundare Redtail, LLC, Rangeview Resources Operating Company, LLC and Rangeview Green River, LLC, which it refers to collectively as Fundare. The deal was first announced on 6 August 2026.
How it was paid for
The acquisition price came to $278mn. JAPEX said about $220mn of the funds needed at closing, roughly ¥33bn, came from reserve-based lending (RBL), a loan secured against confirmed reserves. The rest is covered from the own funds of Peoria Resources, LLC, a JAPEX overseas subsidiary. The release does not give the lender, the loan's rate or its tenor.
Next to the Verdad assets
JAPEX bought tight oil and gas assets it calls the Verdad assets in February 2026, also through Peoria, and says it is developing them actively as operator. The main leases held by Fundare are close to those assets. A lease here is the contract under which a landowner, who owns the minerals beneath the land under US law, grants a developer the right to extract oil and gas.
JAPEX expects the location to allow efficient development and lower unit costs as the business grows. Those are stated expectations, and the release gives no production or reserve figures. The company said it and Peoria will work on both sets of assets, aim to generate revenue early, build operator know-how and look for new business opportunities.