China’s New Times Energy sells US oil and gas assets to BCM

17 January 2013 08:02  [Source: ICIS news]

SINGAPORE (ICIS) – Hong Kong-listed New Times Energy announced on late Wednesday that it has signed an agreement to sell 98.9% of its oil and gas interests at Texas of US to BCM Energy Partners for $2.8m (2.1m).

The interests include 53 wells situated at East Texas Oil Field of Texas, the company said in a statement.

It also completed on 8 August 2012 the disposal of 77.44% of its oil and gas interests at Caddo Parish of Louisiana for $2.7m to the same purchaser, according to the statement.

The company said that the two disposals were estimated to generate $670,000 in net cash and it would use these proceeds as general working capital. The disposals would allow the company to focus on more established business at US, such as oil and gas properties in Utah, according to the company statement.

New Times Energy is an integrated natural resources company engaged in the acquisition, development and operation of oil & gas projects in Argentina, US and China. BCM Energy Partners is principally engaged in the business of acquiring producing oil and gas properties in Louisiana and Texas.

($1= 0.75)

By: Fanny Zhang
+65 6780 4359

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