JAPEX Provides Equity Commitment to Peoria Resources

HOUSTON, March 27, 2025 /PRNewswire/ -- JAPEX (U.S.) Corp. (JUS), the overseas consolidated subsidiary of Japan Petroleum Exploration Co. Ltd. ("JAPEX"), today announced the closing of an equity commitment to Peoria Resources, LLC ("Peoria") as part of JAPEX's plan to acquire operated U.S. onshore oil and gas assets while investing $1.5bn in exploration and development projects from FY 2022 through the end of FY 2030. Peoria seeks to execute its strategy through operated assets and leasehold acquisitions across the lower 48.

Based in Houston, Peoria is an exploration and production company pursuing the acquisition and development of operated oil and natural gas assets in the lower 48. The Peoria management team is led by co-founders Greg West, Chief Executive Officer, and David Kita, Chief Technical Officer. Prior to Peoria, West and Kita worked together as part of the management team at Treadstone Energy Partners and have extensive experience in upstream oil and gas.

"We are excited to partner with JAPEX to build a healthy, scalable operated oil and gas business, employing top notch staff who deliver quality choices for cash flow and additional equity investment across both short and long term horizons," said Greg West, Chief Executive Officer.

"JUS has a proven track record in the U.S. onshore oil and gas sector and shares our long-term vision for value creation. We believe that our experience identifying and optimizing assets, paired with JAPEX's expertise, will position Peoria to build a successful operated oil and gas business," added David Kita, Chief Technical Officer.

"We are pleased to partner with the Peoria management team. They have extensive experience in the business and have had great success with private equity developing oil and gas assets," said Tetsuo Fukuhara JUS President.

"Our commitment to the U.S. market remains strong, and we look forward to working closely with the Peoria management team to build operated business with an investment structure for sustainable profits," added Josh Karim, JUS Chief Operating Officer.

Willkie Farr & Gallagher LLP served as legal advisor to Peoria and K&L Gates LLP served as legal advisor to JUS in connection to the formation of Peoria.

About JAPEX (U.S.) Corp.
JAPEX (U.S.) Corp., which was established in 1980, is a Houston-based overseas consolidated subsidiary of JAPEX, focused on making domestic investments in the energy industry. For more information, please visit: https://www.JAPEX.co.jp/en/.

About Peoria Resources, LLC 
Peoria Resources, a Houston-based exploration and production company founded by Greg West and David Kita, is pursuing the acquisition and development of operated oil and natural gas assets in the lower 48. For more information, please visit: www.peoriaresources.com.

CONTACT: Josh Karim, joshua.karim@japex.com

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SOURCE Japex (U.S.) Corp