Acquisition · Oil & gas
JAPEX buys Fundare's shale oil and gas assets in Colorado and Wyoming
- Buyer
- Japan Petroleum Exploration (JAPEX) (Tokyo)
- Target
- Fundare Resources, Colorado and Wyoming
- Value
- About ¥50.4B (about $320M) at announcement; ¥43.9B ($278M) at closing
- Status
- Completed on October 1, 2026.
- Date
- 2026-08-06
JAPEX agreed, through its US subsidiary, to buy all equity in Fundare Resources Operating Company and three related companies, which hold shale oil and gas acreage in Colorado and Wyoming. The acreage sits next to assets JAPEX bought in the same states in February 2026. The deal closed on October 1 at about ¥43.9 billion after adjustments.
Why it matters
This is JAPEX's second US shale buy in a year, building a contiguous position that should lower development costs. It shows Japanese energy firms turning to US shale for stable production.
The seller
Fundare is a private Denver oil and gas company backed by funds managed by Woodward Diversified Capital. It works in the Denver-Julesburg Basin of Colorado and the Green River Basin of Wyoming, and bought its Redtail field from Whiting about five years ago. In March 2025 it sold its pipeline arm, Moonrise Midstream, to Summit Midstream. The sale to JAPEX was its last, ending the venture.
Size and price
The four companies produced about 9,500 barrels of oil equivalent a day in early 2026, according to press reports. In 2025 they had combined sales of about ¥15.2 billion and net income of about ¥3.25 billion. The price was about $320 million at signing and $278 million at closing, after talks with the seller. About $220 million came from a loan backed by proven reserves; JAPEX's US unit, Peoria Resources, paid the rest from its own cash.
JAPEX's US plan
JAPEX's 2026–2035 plan, adopted in April 2026, makes the US its base for earning profits quickly and building skills as an operator. Peoria now runs both the Verdad and Fundare fields itself.
Sources
Kakehashi M&A News home
