HOUSTON, Aug. 17, 2020 /PRNewswire/ -- Castleton Resources LLC ("Castleton Resources" or the "Company") today announced the closing of the previously announced acquisition of the Terryville upstream assets in Northern Louisiana from subsidiaries of Range Resources Corporation.
Concurrent with the closing, Tokyo Gas America Ltd. increases its ownership stake in Castleton Resources from 46% to approximately 70%, with the balance held by Castleton Commodities International LLC ("CCI"). Castleton Resources now owns over 315,000 net acres of leasehold in East Texas and Northern Louisiana with total daily net production of nearly 500 MMcfe/d.
Nicholas Haslett, CCI's Global Head of Principal Investments and Chief Strategy Officer, said, "We are pleased with the strategic partnership we have developed with Tokyo Gas since their initial investment in Castleton Resources in May 2017. The closing of this transaction is a pivotal moment for Castleton Resources and we look forward to our continued relationship with Tokyo Gas."
Craig Jarchow, President and CEO of Castleton Resources, said, "We are excited to have closed on this acquisition which provides important scale to our current operations and is accretive to our business."
Kazuya Kurimoto, President and Chief Executive Officer of Tokyo Gas America Ltd. said, "We are honored to become the majority shareholder of Castleton Resources through this acquisition and will continue our strategic partnership with CCI."
Castleton Resources will change its name to "TG Natural Resources LLC" by late March 2021.
About Castleton Resources LLC
Castleton Resources is one of the largest producers in the Ark-La-Tex region of East Texas and Northern Louisiana. The company is private and is co-owned by subsidiaries of Tokyo Gas America and Castleton Commodities International. Please visit Castleton Resources' website for more information: http://www.castletonresources.com/
About Castleton Commodities International LLC
CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure and upstream assets. Please visit CCI's website for more information: http://www.cci.com/
About Tokyo Gas America Ltd.
Tokyo Gas America Ltd. was established on February 1, 2013 and is fully owned by Tokyo Gas Co., Ltd. The company develops wide-ranging businesses that include renewable power generation, upstream operations such as gas field development, midstream to downstream operations as exemplified by power generation, natural gas distribution, LNG exportation and natural gas trading in North America. Please visit Tokyo Gas America's website for more information: http://www.tgamerica.com/
About Tokyo Gas Co., Ltd.
Tokyo Gas Co., Ltd. is the largest gas utility company in Japan. Founded October 1, 1885, the company supplies gas and power to 11 million customers in the greater Tokyo area. Tokyo Gas has developed a comprehensive range of business that spans from upstream resource development and procurement to gas transportation and sales. Please visit Tokyo Gas' website for more information: http://www.tokyo-gas.co.jp/en/
Brian R. Brooks
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SOURCE Castleton Resources LLC