JAPEX Strengthens U.S. Presence with Strategic Investment in Peoria Resources

On March 27, 2025, JAPEX (U.S.) Corp. made a significant announcement regarding its ongoing commitment to expanding its footprint in the U.S. oil and gas sector. The company, a subsidiary of Japan Petroleum Exploration Co. Ltd. (JAPEX), revealed that it has successfully closed an equity commitment to Peoria Resources, LLC. This partnership aligns with JAPEX's ambitious plan to invest a substantial $1.5 billion in exploration and development projects in the United States, spanning from fiscal year 2022 through the end of fiscal year 2030.

Peoria Resources, based in Houston, focuses on acquiring and developing operated oil and gas assets across the lower 48 states. Co-founded by industry veterans Greg West and David Kita, the company aims to leverage its extensive experience, having previously worked together at Treadstone Energy Partners. This management team brings a wealth of knowledge and expertise in upstream oil and gas, which is crucial for the success of Peoria's operations.

Greg West, the Chief Executive Officer of Peoria, expressed enthusiasm about the partnership with JAPEX. He stated, "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."

The collaboration will add significant value to Peoria's strategy as it looks to execute its plans through operated assets and leasehold acquisitions. David Kita, the Chief Technical Officer, acknowledged JAPEX’s proven track record in the U.S. onshore oil and gas sector, reinforcing the long-term vision for mutual value creation between the two organizations. He commented, "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."

Tetsuo Fukuhara, the President of JUS, expressed confidence in Peoria's management team, highlighting their extensive experience and prior success in developing oil and gas assets with private equity. Josh Karim, Chief Operating Officer of JUS, emphasized JAPEX's commitment to the U.S. market, stating, "We look forward to working closely with the Peoria management team to build an operated business with an investment structure for sustainable profits."

Legal advisory for the partnership was provided by Willkie Farr & Gallagher LLP to Peoria and KL Gates LLP to JAPEX, ensuring a robust framework for the collaboration.

In summary, JAPEX's strategic equity commitment to Peoria Resources marks a notable step in strengthening its operations in the U.S. energy market. Through this investment, JAPEX aims to further solidify its presence and build a successful future in the oil and gas industry, leveraging academic and industry knowledge from both companies’ excellent teams.

About JAPEX (U.S.) Corp.

JAPEX (U.S.) Corp., established in 1980, operates as a Houston-based subsidiary of JAPEX, focusing on domestic investments in the energy sector. To learn more about their initiatives, please visit JAPEX's official website.

About Peoria Resources, LLC

Peoria Resources is an exploration and production company founded by industry experts Greg West and David Kita, dedicated to the acquisition and development of oil and natural gas assets in the lower 48 states. Further details can be accessed at Peoria Resources' website.