I noticed today that two Aethon drilling permits in Texas had been amended to change the operator to Adamas Energy LLC.  I checked around for more info, and grok gave me the most complete answer:

Adamas Energy LLC appears to be a relatively new entity in the energy sector, established as a wholly owned subsidiary of Mitsubishi Corporation (a major Japanese trading house).

It was created following Mitsubishi's acquisition of natural gas and pipeline assets from Aethon Energy Management LLC (a Dallas-based company active in the Haynesville shale basin). The deal was announced in mid-January 2026, with Mitsubishi paying approximately $5.2 billion in cash and assuming about $2.33 billion in debt, for a total enterprise value around $7.5 billion. This marks one of the largest investments by a Japanese company in the U.S. shale gas sector.

Key details:

• The assets are primarily in the Haynesville Shale formation, spanning eastern Texas and northern Louisiana.
• They produce roughly 2.1 billion cubic feet per day (Bcf/d) of natural gas — equivalent to about 15 million tons per year of LNG potential.
• The location is strategic due to proximity to U.S. Gulf Coast LNG export facilities, strengthening Mitsubishi's position in global liquefied natural gas markets (where it already has stakes, like in Cameron LNG).
• Gordon Huddleston (son of Aethon founder Albert Huddleston) is set to serve as CEO of Adamas Energy.
• Aethon retained an option to buy back up to 25% of certain upstream and midstream assets.
• The transaction gives Mitsubishi full involvement in the U.S. shale gas value chain, from production to domestic sales and exports.