The acquisition is expected to align with TG Natural Resources’ (TGNR) growth strategy as Rockcliff’s oil and gas assets are located adjacent to its assets. Credit: Stephen Marrable from Pixabay.

TGNR has agreed to acquire 100% of the membership interests in Rockcliff Energy II, a portfolio company of Quantum Energy Partners, for $2.7bn, prior to customary adjustments.

US-based natural gas development and production company Rockcliff is engaged in developing assets in Haynesville shale in the East Texas.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The upstream natural gas company operates more than 200,000 net acres with more than 1.3 bcf/d of gross operated natural gas production.

TGNR is jointly owned by TG East Texas Resources, a wholly owned subsidiary of Tokyo Gas America, and Castleton Commodities International’s subsidiary CCI U.S. Asset Holdings LLC.

Tokyo Gas America president and CEO Akira Inukai said: “In May 2017, we invested in Castleton Resources LLC, the predecessor of TGNR, and in August 2020, we made Castleton Resources LLC a subsidiary.

“The Texas and Louisiana areas where TGNR owns assets are in close proximity to new LNG export terminals where future gas demand is expected to increase, and TGNR has been seeking to acquire superior assets in these areas.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Inukai said the acquisition aligns with its growth strategy as Rockcliff’s oil and gas assets are located adjacent to its assets.

TGNR CEO Craig Jarchow said: “With this acquisition, TG Natural Resources is committed to leadership in the Haynesville Play, one of the world’s most important sources of clean natural gas.

“We will have nearly a century in rig-years of gross operated and non-operated drilling inventory in the Haynesville, not counting the important plays in the Bossier and Cotton Valley.

“Rockcliff has also made large investments in reducing methane emissions from their already very clean operations and we plan to continue to accelerate the drive to lower methane intensity in our combined operations.”

The deal is expected to complete by the end of the this year, subject to customary closing conditions and approval by regulatory authorities.

………………………………

PR

https://www.globenewswire.com/news-release/2023/12/16/2797366/0/en/Rockcliff-Energy-to-be-Acquired-by-TG-Natural-Resources.html

Add

https://www.ogj.com/general-interest/companies/article/14302859/tg-natural-resources-acquires-haynesville-shale-focused-rockcliff-energy-for-27-billion

Image

https://pixabay.com/photos/industry-oil-gas-industrial-energy-5270273/