Posted on 02/02/2021 2:03:19 PM PST by SeekAndFind
On Sunday, China’s Shandong Xinchao announced its decision to shell out $420 million to purchase oil-producing acreage from Grenadier Energy in the Texas Permian Basin.
Or rather, Surge Energy of Houston made the announcement via PR Newswire.
HOUSTON, Jan. 31, 2021 /PRNewswire/ — Surge Energy US Holdings Company (“Surge Energy” or the “Company”) announced in the US that it, through its subsidiary, has signed a purchase and sale agreement to acquire leasehold interest and producing wells from Grenadier Energy Partners II LLC (“GEP II”) in Howard County, TX (the “Transaction”). The aggregate purchase price of the Transaction is expected to be approximately $420 million USD.
Highlights of the acquired assets include:
- Average production of approximately 9,000 Boepd (approximately 75% oil)
- Approximately 18,010 net leasehold acres
- Operated inventory of approximately 120 high-quality, economic future drilling locations
The Transaction is expected to close in late first quarter.
Read the entire release and you’ll not see the words “Shandong Xinchao” in it. But Surge is that company’s creation and wholly owned subsidiary. That’s disclosed on Surge’s corporate website.
Surge Energy America was formed in early 2015 as a U.S. subsidiary of Chinese based Shandong Xinchao Energy Corporation Limited, a publicly traded company on the Shanghai Stock Exchange, with a strategy to make a significant acquisition in the U.S. oil shale play and pursue a long term sustainable U.S. oil & gas company. Upon entering into an agreement to purchase its first asset, Hoople Field, in early 2015, the Surge Energy organization began in May 2015 to enable taking over operatorship. Hoople Field is a 5,000 acre established water flood asset in Crosby County, TX.
(Excerpt) Read more at pjmedia.com ...
Man, we need Trump bad!
Perhaps Hunter heard about Boys Town.
BINGO!
If we can ever secede, maybe we can claim it government property and boot them out like every other country does.
He’s being a filthy deviant somewhere.
This is a violation of national security.
IF Biden lets this stand, it’s an impeachable offense.
bkmk
Ugh. Just what we need. Chi-coms in W. Texas. I had no clue.
Howard County is where Big Spring is.
With joe bidet in office and with the chinese buying just about everything in this country then soon we will be able to say that xi is our landlord.
How to stop it?
Not far from where I live.
I haven’t a clue, but I hope someone does!
Just commonsense. China would never be so foolish as the U.S. and make such a deal.
good catch; tx
I have been posting about China’s stake in Texas Oil and Gas fields for years. This is not new.
Not only the Permian Basin but also the Dallas Chalk and the Eagleford.
The company that is mostly in bed with Chicoms is Chesapeake Oil out of Oklahoma. The Chicom bailed Chesapeake ou with a huge infusion of cash when they first sol to them when the Eaglford kicked off.
Now they are completely in bed with the gooks
Has Gov. Abbott said anything about this?
Or the state AG?
You are correct, all of these politicians have a piece of the pie when China opens its wallet. China knows it cannot just waltz in with it’s militarys. It has to invade via corruptocrats in DC and liberal States
Support the #TEXIT INITIATIVE. Let Texans decide by voting if they want to be a free republic once again. Time to break the ties with the 49 biotches. Join the 400 thousand others that have joined the movement at TNM.ME.
Are they buying the actual land, or just the mineral rights?
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