Marubeni Corp. recently became Japan’s largest owner of American shale oil acreage when it announced it had acquired nearly 52,000 net acres in the Eagle Ford Shale from Hunt Oil.

The Japanese trading company recently signed a deal with Dallas-based Hunt in which it will acquire a 35% working interest in oil and gas leases in South Texas’ liquids-rich unconventional resources play.

Privately-held Hunt, coming in at No. 13 in the OGFJ100P listing of privately held companies, holds acreage throughout the play, but, according to Global Hunter Securities (GHS) in a note to investors January 6, records indicate they’ve only drilled three Eagle Ford wells, located in LaSalle, Gonzales, and Wilson Counties.

Perhaps this agreement will change that as the two companies plan to drill several hundred wells in the next five to ten years. Together, the companies will also look to jointly acquire additional acreage in the play.

While the acquisition cost was not reported, Evaluate Energy estimates total development costs (including acquisition costs on Marubeni’s share basis) of nearly US$ 1.3 billion.

GHS’ estimates backed up the possible transaction costs, noting Marubeni paid roughly $1.3 billion or approximately $25,000 per acre on an acreage-only basis from the private operator, an amount much higher than its estimated $5,000 per acre it paid to Marathon Oil Corp. for a portion of its Niobrara Shale-focused acreage back in April 2011.

Excitement surrounding the liquids-rich Eagle Ford has certainly been palatable. Evaluate Energy calls the Eagle Ford “2011’s most expensive shale play (averaging at $10,000 per undeveloped acre),” and, according to GHS analysts, this most recent transaction “shows that demand to gain a stake in Eagle Ford isn’t cooling.”