Japan's Oaska Gas said Friday it is buying into East Texas shale gas fields, acquiring a stake from Houston-based Sabine Oil & Gas.
Osaka, which already is a buyer of liquefied natural gas from Texas, will pay $146 million to acquire a 35 percent stake in Sabine's acreage that's mostly in Harrison and Panola counties. Much of that property is in the gassy Haynesville Shale.
Osaka is a part owner in Houston-based Freeport LNG, and Osaka is a major customer of the LNG the project will export from Quintana Island near Freeport once it comes online late this year or early 2019.
Sabine, on the other hand, fell into bankruptcy during the recent oil bust, eventually emerging as a smaller private company.
The plan is for Sabine and Osaka to jointly develop the Haynesville acreage going forward.