Chinese Investment Firm to Buy Oil Leases in Howard, Borden Coun - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Chinese Investment Firm to Buy Oil Leases in Howard, Borden Counties

A Chinese investment firm has decided to buy oil leases in the Permian Basin for $1.3 billion.

Yantai Xinchao is buying oil fields, currently owned by Tall City Exploration and Plymouth Petroleum, in Howard and Borden counties.

The purchase has been approved by the U.S. Committee on Foreign investment, and the company's shares have been temporarily suspended from trading to allow for the asset restructuring and oil field purchase. 
?
Yantai Xinchao says they expects the suspension to last one month and that they plan to release periodic updates on restructuring.

Powered by Frankly