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Castleton Commodities Acquired Shell’s East Texas & North Louisiana Assets

Source: www.gulfoilandgas.com 12/30/2019, Location: North America

Castleton Commodities International LLC (CCI) announced that its subsidiary, Castleton Resources LLC (Castleton Resources), has closed on the acquisition of the East Texas and North Louisiana Haynesville Shale assets of BG US Production Company LLC, a subsidiary of Royal Dutch Shell plc. Pro forma for the acquisition, Castleton Resources will hold approximately 222,400 net acres in the region and produce approximately 334 MMcfe/d (net). Castleton Resources is owned by CCI and Tokyo Gas America Ltd., a wholly owned subsidiary of Tokyo Gas Co., Ltd. Concurrent with the transaction, Tokyo Gas America Ltd. will increase its interest in Castleton Resources from 30% to approximately 46%.

Craig Jarchow, President and Chief Executive Officer of Castleton Resources, said, "This transaction is consistent with our strategy of asset aggregation and subsequent cost reduction in the Ark-La-Tex region. Castleton Resources will execute this transaction with no increase in ongoing general and administrative expenses. With the help of our partners, we are well positioned to continue building a world-class, and relatively low-decline portfolio in the Haynesville and Cotton Valley natural gas and liquids plays."

Jun Tabei, President and Chief Executive Officer of Tokyo Gas America Ltd., said, "We are pleased to complete this important transaction and take yet another step towards becoming a leading gas producer in the region. The Gulf Coast, as we have previously stated, is strategically important to Tokyo Gas and we are eager to expand our footprint in the East Texas and Louisiana area through Castleton Resources."

Moelis & Company served as exclusive financial advisor to Castleton Resources in this transaction. Latham & Watkins LLP served as legal advisor.

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