Osaka Gas Co Ltd said on Monday it will buy U.S. shale gas developer Sa...
) for $610 million, as the Japanese company aims to expand its overseas business to seek future growth.
Sabine owns 175,000 net acres in East Texas with about 1,200 wells which annually produce about 1.7 million tonnes of shale gas. Osaka Gas decided to buy the whole company after Sabine notified the Japanese company that it was putting itself on sale since the wells were producing more volume than expected and generating stable cash flow, a company spokesman said.
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