Verdad Resources Completes Sale of Operated Oil and Gas Portfolio to Peoria Resources, LLC

DENVER, Feb. 26, 2026 /PRNewswire/ — Verdad Resources Holdings LLC (“Verdad” or the “Company”) today announced that it has completed the sale of its entire operated oil and gas business to Peoria Resources, LLC (“Peoria”), a subsidiary of JAPEX (U.S.) Corp. (“JUS”). The transaction reflects a total enterprise value of approximately $1.26 billion.

Through the transaction, Peoria is acquiring all of Verdad’s E&P operating assets in the Denver-Julesburg Basin. The portfolio comprises approximately 101,000 net acres across Colorado and Wyoming and focuses on horizontal Niobrara and Codell formation development.

“This milestone reflects the strong execution that our team delivered throughout the DJ Basin and underscores the value that Verdad’s upstream portfolio stands to deliver in its next phase of growth under Peoria’s leadership,” said Philip Davis, Co-Chief Executive Officer of Verdad.

“As our DJ Basin operated assets enter this next chapter,” commented Arthur Beecherl, Co-CEO of Verdad, “we thank all our equity partners for their support of our mission to acquire, develop and grow these high-quality upstream assets.”

“We are excited to build upon the strong foundation the entire Verdad team has put in place across the last decade. We are committed to being a healthy, sustainable business that enhances value through top-tier operating and technology capabilities of our staff for decades to come,” said Greg West, CEO of Peoria. “We’ve picked up a rig and also commit ourselves to establishing enduring partnerships with all service providers, regulators and communities across the DJ Basin.”

“Verdad has assembled a premier operated position in the DJ Basin, and we are grateful to Philip, Arthur and their team for the platform they have built,” said David Kita, Chief Technical Officer of Peoria. “This acquisition is the starting point for Peoria’s growth story — establishing a scaled foundation in the DJ Basin from which we plan to invest, develop and pursue additional operated acquisitions across the lower 48.”

“We are delighted to acquire such a quality asset as a cornerstone to our operated portfolio, and we look forward to future growth in the lower 48 with our top tier team and asset base,” said Josh Karim, JUS Chief Operating Officer.

JP Morgan Securities LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as exclusive legal advisor to Verdad in connection with the transaction.

Wells Fargo Securities, LLC served as exclusive financial advisor to Peoria, and Willkie Farr & Gallagher LLP served as exclusive legal advisor to Peoria in connection to the transaction. Wells Fargo Bank, National Association will serve as Administrative Agent on Peoria’s credit facility.

About Verdad Resources
Verdad Resources is an upstream oil and gas operator committed to responsibly developing oil and gas reserves with an emphasis on unconventional resources. With a deep respect for individuals, the land and the communities adjacent to our assets, Verdad strives to establish durable and mutually beneficial relationships in areas where it operates while fostering a culture of safety, integrity and hard work for its team members. To learn more, please visit www.verdadresources.com/.

About Peoria Resources
Peoria Resources is an exploration and production company based in Houston, TX and Denver, CO focused on the development of operated oil and natural gas assets in the DJ Basin while continuing to pursue disciplined acquisitions of operated assets across the lower 48. The company is led by co-founders Greg West and David Kita. For more information, please visit: www.peoriaresources.com.

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

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SOURCE Peoria Resources, LLC; Verdad Resources