Castleton Resources, a JV between Tokyo Gas and Castleton Commodities, has entered into a deal with Range Resources to purchase their Terryville upstream assets in Northern Louisiana for $245 million plus $90 million in contingent payments determined by future commodity prices.
Concurrent with the purchase, Tokyo Gas' position in Castleton Resources will ruse from 46% to 70% once the deal closes.
Tokyo Gas has acquired additional Haynesville acreage from BG US Production Company (a subsidiary of Shell, through its own Castleton Resources. The deal adds 105 Mmcfe/d in production, bringing Castleton's volumes of 343 Mmcfe/d. By funding the deal, Tokyo Gas will boost its position in Castleton from 30% to 46%.
Castleton Resources, a JV owned by Castleton Commodities and Tokyo Gas, closed on the purchase of Shell's Haynesville Shale Assets which were held by BG. The deal included 222,400 net acres and 334 Mmcfe/d in production.
Concurrently, Tokyo Gas increased its stake in the JV from 30% to 46%.