TOKYO, June 29 (Reuters) -
* Japan's Osaka Gas says it has agreed with Sabine Oil & Gas Corp and its subsidiary to buy a working interest in a shale gas project in Texas for about 16 billion yen ($144.53 million).
* Osaka Gas will acquire a 30 percent stake in the formations in the shale assets in East Texas, a company spokesman said, marking a second acquisition of a U.S. shale gas stake.
* The project participants plan to continue developing the project and increase gas production from the current level of about 300,000 tonnes per year of liquefied natural gas (LNG) equivalent, it added. ($1 = 110.7000 yen) (Reporting by Osamu Tsukimori; Editing by Gopakumar Warrier)