STAMFORD, Conn., May 8, 2017 /PRNewswire/ -- Castleton Commodities International LLC ("CCI" or the "Company") announced today that Tokyo Gas America Ltd. has completed a 30% strategic equity investment in its subsidiary, Castleton Resources LLC.
In November 2016, CCI announced the purchase of the Carthage upstream and midstream assets in East Texas from subsidiaries of Anadarko Petroleum Corporation for over $1 billion. CCI subsequently combined the acquired assets with the Company's existing East Texas upstream assets under a newly formed subsidiary, Castleton Resources LLC. Castleton Resources LLC is focused on the acquisition and development of oil and gas assets in the East Texas / Louisiana region with a specific focus on unconventional Haynesville assets. Castleton Resources LLC owns over 160,000 net acres of leasehold in East Texas and operates over 1,900 producing wells.
Craig Jarchow, President and Chief Executive Officer of Castleton Resources LLC, said, "We welcome this new partnership with Tokyo Gas America Ltd. and remain focused on optimizing and growing our upstream and midstream assets in this region. Castleton Resources is well-positioned to enhance the value of these assets through operational improvements and development of the multiple producing zones in the area, particularly the Haynesville Shale."
Nicholas Haslett, Senior Managing Director and Chief Strategy Officer of CCI, said, "Our partnership with Tokyo Gas will align CCI with one of Japan's largest LNG market participants and further solidify our Company's commitment to expanding in Asia and connecting Asian and Western markets and investors."
Shunjiro Yamashita, President and Chief Executive Officer of Tokyo Gas America Ltd., said, "The Gulf Coast area, specifically East Texas and North Louisiana, is strategically important for Tokyo Gas and we are excited to join forces with CCI and the quality management team at Castleton Resources. The CCI / Tokyo Gas partnership in Castleton Resources creates a well-capitalized vehicle for growth in the region."
Bracewell LLP served as legal advisor to CCI Resources LLC in the transaction.
Tokyo Gas America Ltd. is a wholly owned subsidiary of Tokyo Gas Co., Ltd, the largest natural gas utility in Japan with a 130+ year history. Tokyo Gas America Ltd. was formed in 2013 to make strategic energy investments in North America with a focus on upstream gas field development and the LNG value chain.
About Castleton Commodities International LLC
CCI is a global commodities merchant with an integrated set of operations consisting of physical and financial commodities trading and the ownership, operation, and development of commodities- related upstream and infrastructure assets. The Company markets a broad range of physical commodities including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power, coal, metals and financial instruments related to commodities. CCI is headquartered in Stamford, Connecticut with offices in Calgary, Canada; Geneva, Switzerland; Houston, Texas; London, United Kingdom; Shanghai, China; Singapore; and Montevideo, Uruguay.
About Tokyo Gas America Ltd.
Tokyo Gas America Ltd. was established on February 1, 2013 and is fully owned by Tokyo Gas Co., Ltd. Tokyo Gas America Ltd. develops wide-ranging businesses that include upstream operations such as gas field development, midstream to downstream operations as exemplified by power generation, natural gas distribution and LNG exportation in North America.
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.
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SOURCE Castleton Commodities International LLC