Osaka Gas Acquires U.S.-Based Sabine Oil & Gas Assets and Retains Employees

Updated 1 year 9 months ago

On December 2, Sabine Oil & Gas Holdings Inc. has closed the sale of its subsidiary, Sabine Oil & Gas Corp., to Osaka Gas. As part of the sale, Osaka Gas will retain the current Sabine executive team and employees. Sabine Holdings has completely divested of all its oil and gas assets since emerging from bankruptcy in August 2016. East Texas production and reserves increased significantly primarily by proving up the Haynesville play in Texas with a combination of longer laterals and enhanced completions and proving up new Cotton Valley drilling inventory with longer laterals. 

Barclays acted as exclusive financial advisor to Sabine in the transaction. Hunton Andrews Kurth advised Sabine in connection with the transaction with a team led by corporate partners John Clutterbuck and Phil Haines.

While Osaka Gas has participated in the Freeport LNG liquefaction project and IPP projects in the United States, we intend to expand our U.S. upstream business by enhancing our capabilities with Sabine Corp's excellent operatorship. - Takehiro Honjo