China’s New Times Energy acquires new oil and gas assets in US

09 October 2012 12:02  [Source: ICIS news]

SINGAPORE (ICIS)--China’s New Times Energy said on late Monday that it has purchased US oil and gas operating company Tiger Energy, an additional seven wells and 280 acres of land in Utah state of US.

The transaction increased the company’s total number of wells in Uinta Basin of Utah to 39, according to a statement from New Times Energy.

The new acquisition also allows the company to operate its own oil and gas leases in Utah, thereby controlling the pace, capital expenditures and techniques used in working over existing wells and drilling new wells, it said.

“In the upcoming months, we plan to work over and re-establish production in over 30 wells, with a goal to reach 1,000 bbl/day of oil production by the end of 2013,” said Stewart Cheng, chairman and executive director of New Times Energy.

By: Fanny Zhang
+65 6780 4359

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