Worth reading
66In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
3.2
US$100 millionWording
Conditional
How definitive the wording is.This transaction
Acquisition of Tight Oil and Gas Assets in Connection with the Acquisition of Equity Interests in Fundare CompaniesCounterpartyFundare Resources Company HoldCo, LLC
Disclosing companyJapan Petroleum Exploration Co.,Ltd.
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
TimelineThe spacing between the points is proportional to the actual number of days.
Target company
Oil and natural gas exploration, development and production in the United States
Location Colorado, United StatesShare capital An LLC has no concept of stated capital, and capital contributions are not recognized as stated capital.Date of incorporation Fundare Resources Operating Company, LLC 20 August 2020 / Fundare Redtail, LLC 22 July 2021 / Rangeview Resources Operating Company, LLC 5 May 2022 / Rangeview Green River, LLC 5 May 2022
Net SalesUS$96,656,731 (fiscal year ended December 2025)
Net income for the current fiscal yearUS$20,609,311 (fiscal year ended December 2025)
Net assetsUS$149,862,453 (fiscal year ended December 2025)
Consideration and expenses
Acquisition priceApproximately US$320 million (total for the 4 Fundare companies)
Type of ConsiderationCash
Funding arrangementsExpected to be funded with Peoria's own funds and reserve-based lending (RBL) secured by proved reserves
Impact on Business Performance
The transaction is expected to contribute to the Company's consolidated results from the fourth quarter of the fiscal year ending March 2027. The Company expects the acquisition of the equity interests to contribute approximately ¥1 billion-plus to operating income in the current fiscal year and approximately ¥15 billion to operating income for the fiscal year ending March 2028. The impact has already been incorporated into the consolidated earnings forecast for the fiscal year ending March 2027.
Procedures and assumptions
Conditions Precedent to ExecutionCompletion of the prescribed procedures
| Item | Details |
|---|---|
| Transaction name | Acquisition of Tight Oil and Gas Assets in Connection with the Acquisition of Equity Interests in Fundare Companies |
| Counterparty name | Fundare Resources Company HoldCo, LLC |
| Name of the Subject Company | Fundare Resources Operating Company, LLC, Fundare Redtail, LLC, Rangeview Resources Operating Company, LLC, Rangeview Green River, LLC |
| Business Description of the Subject Company | Oil and natural gas exploration, development and production in the United States |
| Location of the Subject Company | Colorado, United States |
| Capital Stock of the Subject Company | An LLC has no concept of stated capital, and capital contributions are not recognized as stated capital. |
| Date of Establishment of the Subject Company | Fundare Resources Operating Company, LLC 20 August 2020 / Fundare Redtail, LLC 22 July 2021 / Rangeview Resources Operating Company, LLC 5 May 2022 / Rangeview Green River, LLC 5 May 2022 |
| Net Sales of the Subject Company | US$96,656,731 (fiscal year ended December 2025) |
| Net Income of the Subject Company | US$20,609,311 (fiscal year ended December 2025) |
| Net Assets of the Subject Company | US$149,862,453 (fiscal year ended December 2025) |
| Acquisition price | Approximately US$320 million (total for the 4 Fundare companies) |
| Type of Consideration | Cash |
| Number of shares acquired | All equity interests in the 4 Fundare companies (100%). The number of voting rights is not disclosed. |
| Voting rights ownership percentage | Before 0% → after 100% |
| Funding arrangements | Expected to be funded with Peoria's own funds and reserve-based lending (RBL) secured by proved reserves |
| Impact on Business Performance | The transaction is expected to contribute to the Company's consolidated results from the fourth quarter of the fiscal year ending March 2027. The Company expects the acquisition of the equity interests to contribute approximately ¥1 billion-plus to operating income in the current fiscal year and approximately ¥15 billion to operating income for the fiscal year ending March 2028. The impact has already been incorporated into the consolidated earnings forecast for the fiscal year ending March 2027. |
| Date of board resolution | 6 August 2026 |
| Contract Date | 6 August 2026 (scheduled, local time) |
| Execution Date / Effective Date | Third quarter of the fiscal year ending March 2027 (scheduled) |
| Conditions Precedent to Execution | Completion of the prescribed procedures |
Items this document does not state (12)
Operating Profit of the Subject CompanyExpenses other than the acquisition priceMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodGoodwill amountAmount of extraordinary income (loss)Valuation methodologyIndependent valuation institutionSpecial CommitteeManagement structure after acquisition
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The assets to be acquired are located near the Verdad assets acquired in February 2026. The proximity is expected to enable efficient development, reduce costs as the business expands, increase production and improve profitability.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
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