Peoria Resources

What Peoria Resources does

Peoria Resources, LLC is a privately-held exploration and production company headquartered in Houston, Texas, operating as a wholly-owned subsidiary of JAPEX (U.S.) Corp., the U.S. arm of Japan Petroleum Exploration Co., Ltd. Founded by former Treadstone Energy Partners executives Greg West (CEO) and David Kita (CTO), the company pursues the acquisition and development of operated U.S. onshore oil and gas assets. Its operating footprint is concentrated in the Denver-Julesburg (DJ) Basin across northeastern Colorado and southeastern Wyoming, where it holds approximately 101,000 net acres following its February 2026 acquisition of Verdad Resources' operated business for approximately $1.26 billion. The company's core technology centers on horizontal drilling of stacked Niobrara and Codell tight oil formations, leveraging multi-horizon development potential to optimize returns from a contiguous acreage position. The transaction is expected to approximately double net production and triple proved reserves upon closing, establishing a foundation for continuous development activity from 2026 into the early 2030s.

Peoria generates revenue through the production and sale of crude oil and natural gas volumes into commodity offtake markets, with pricing determined by WTI and Henry Hub benchmarks rather than customer-facing contracts. The company markets its hydrocarbons through standard industry arrangements to pipelines, storage, and refineries, with no public pricing or customer concentration disclosed. Its go-to-market motion is enterprise-level M&A, executing large operated acquisitions with direct counterparties — exemplified by the $1.3 billion Verdad transaction — rather than commercial sales activity. The company does not maintain a public marketing or demand-generation engine; its visibility is driven by PR Newswire announcements and trade media coverage.

Strategically, Peoria Resources serves as JAPEX's North American upstream execution vehicle, with the parent company providing unlimited equity capital for large-scale acquisitions and multi-year development funding. Management has stated intent to pursue additional operated acquisitions across the lower 48 states beyond the DJ Basin, signaling a multi-basin roll-up growth strategy. Despite a stated headcount of only 1-10 employees, the operational scope — including 101,000 net acres, ongoing development drilling, and integration of the Verdad assets — implies reliance on outsourced operational services, JAPEX corporate support, or anticipated rapid hiring. The company's competitive position rests on three pillars: substantial JAPEX-backed capital, experienced BP/Treadstone leadership, and a concentrated stacked-pay acreage position in a premier U.S. liquids-rich basin.

Name

Peoria Resources

Legal name

Peoria Resources, LLC

Website

https://peoriaresources.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Peoria Resources, LLC is a Houston-based exploration and production company and wholly-owned subsidiary of JAPEX (U.S.) Corp., focused on acquiring and developing operated U.S. onshore oil and gas assets, primarily through its 101,000 net acre DJ Basin position targeting the Niobrara and Codell formations.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Drilling Oil and Gas Wells (213111)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

akta.pro secondary industry

Well Completions & Stimulation (Hydraulic Fracturing, Sand Control) (EUALAAAE)

Keywords

• Oil and gas exploration
• Upstream production
• Tight oil development
• Horizontal drilling
• Onshore E&P

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Oil and Gas Production: Peoria Resources generates revenue through the production and sale of oil and natural gas from its operated assets in the DJ Basin. The company produces tight oil from horizontal wells in the Niobrara and Codell formations. Revenue is commodity-price dependent and volumes are tied to drilling and development activity. The acquisition of the Verdad assets is expected to approximately double net production and triple proved reserves, making production the primary revenue driver.

Go-to-market motion1 record

Marketing channels1 record

Core offering

Peoria Resources, LLC is an exploration and production (E&P) company that acquires and develops operated U.S. onshore oil and gas assets, with a concentrated position in the Denver-Julesburg (DJ) Basin across Colorado and Wyoming. The company produces tight oil and natural gas from horizontal wells in the Niobrara and Codell formations, executing via large-scale operated M&A (e.g., the ~$1.26 billion Verdad Resources acquisition covering 101,000 net acres) and continuous development from 2026 into the early 2030s.

Product overview

Peoria Resources, LLC is an exploration and production company focused on the acquisition and development of operated U.S. onshore oil and gas assets. The company operates primarily in the Denver-Julesburg Basin through its acquisition of oil and gas assets with stacked pay development potential in the Niobrara and Codell formations. As a subsidiary of JAPEX (U.S.) Corp., Peoria Resources pursues growth through operated acquisitions across the lower 48 states.

Differentiator

Problem solved

Functional benefit

Products and services

• Denver-Julesburg Basin Oil and Gas Assets Oil and gas exploration and production assets in the Denver-Julesburg Basin covering approximately 101,000 net acres in northeastern Colorado and southeastern Wyoming, with focus on horizontal Niobrara and Codell formation development. Acquired by Peoria Resources as operated, producing assets.

Quantifiable outcome

• Approximately double net production upon closing of the Verdad acquisition
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Civitas Resources: Civitas is the largest pure-play DJ Basin operator, focused on Niobrara/Codell horizontal development across northern Colorado and southeastern Wyoming — essentially the same core acreage and formations Peoria acquired from Verdad. Direct comp on basin, formations, and development model.
• Ovintiv: Ovintiv is a major U.S. onshore producer with significant DJ Basin operations targeting the Niobrara and Codell stacked-pay intervals. Most directly comparable large-cap peer to Peoria's specific basin and formation strategy.
• Bonanza Creek Energy / HighPeak Energy: HighPeak Energy is a pure-play DJ Basin operator focused on horizontal Niobrara development in northern Colorado, operating in the same basin and formation set as Peoria and providing a direct operational and economic benchmark.
• Extraction Oil & Gas: Extraction was a DJ Basin-focused horizontal operator in the Niobrara/Codell before merging into Civitas. The legacy asset base, basin focus, and stacked-pay development model are directly comparable to Peoria's strategy.
• Earthstone Energy: Earthstone was a DJ Basin-focused operator in the Niobrara and Codell before being acquired by Chevron, making its operating model — basin-pure, stacked-pay horizontal development — a direct analog to Peoria's current footprint.

Broad incumbents

• EOG Resources: EOG is a major diversified U.S. unconventional producer with historical DJ Basin and broader lower-48 operations. Comparable as a benchmark operator of stacked-pay horizontal wells across multiple basins, including the Rockies.
• Pioneer Natural Resources: Pioneer is a major U.S. unconventional operator with historical Rockies exposure and a benchmark horizontal-development playbook applicable to DJ Basin stacked-pay assets, though its primary basin is the Permian.
• Devon Energy: Devon is a large diversified U.S. independent E&P with prior DJ Basin heritage and active lower-48 horizontal development. Comparable as a broad incumbent whose operating model across stacked-pay unconventional basins informs benchmark economics for Peoria.

Emerging players

• Crescent Energy: Crescent is an upstream consolidator pursuing operated and non-operated U.S. onshore assets via roll-up M&A, with a similar acquisition-led growth playbook to Peoria's JAPEX-backed strategy.

Others

• Northern Oil and Gas: Northern Oil and Gas is a non-operated mineral and working-interest acquirer across multiple U.S. basins. Comparable as an A&D-driven growth vehicle targeting lower-48 unconventional assets, though it does not operate wells itself.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/peoria-resources

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Peoria Resources