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 ...
Watch for Sleepy Joe and his Sleezy Ho to SHUT DOWN American Companies in Texas to give his master a boost.
Quick, has anyone seen Hunter milling around Texas?
What is Hunter Biden’s cut?
Pingaroo.
Too bad they couldn’t find an American company to match the price.
The ChiComs paid good money for Joeseph Stealin, his boy Grubber too, so expect them to be claiming their winnings as the Biden administration sings I surrender all all the while.
The U.S. Government needs to ban the sale of any properties in the United State. The Chinese would not allow the sale to a government agency anywhere in China.
This is not only foolish.Its dangerous to U.S. energy security.Know matter what that alleged president has to say.
Will this be the fuel used to invade Taiwan? /sarc
The U.S. Government needs to ban the sale of any properties in the United State. The Chinese would not allow the sale to a government agency anywhere in China.
This is not only foolish.Its dangerous to U.S. energy security.Know matter what that alleged president has to say.
Ha ha! Sure....look how fast CCP Xiden is working to turn over our most vital assets to his masters.
And, there appears to be no opposition....from the party that’s SUPPOSED to be the opposition.
Rs are now Us.....as in Uniparty.
Their silence....except to bash Trump/conservatives....since 1/20/21, is deafening.
To me, this is just plain obvious. The Chinese have already been buying up vast amounts of real estate, ranging from housing, business sites, and farm acreage. They could just buy the U.S. from us, little by little, with no shots being fired. This has to be stopped.
Crosby huh?
Right up the Road from me.
just selling more of America to the chinese
pedo joe is a good lap dog
Bidet & Co selling-out America, again.
Don't the Chicoms realize Harris/Bident will destroy the oil industry? /s
What’s in it for the Big Guy?
Is his niece in Texas?...
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