News Column

New Times Energy Acquires US Oil, Gas Leases

July 17, 2014

SHANGHAI, July 17, SinoCast -- New Times Energy Corporation announces that it plans to take over RioCapital's oil and gas lease business in the US at USD 11.05 million by issuing 138 million shares at HKD 0.5 each.

RioCapital will be a majority shareholder of New Times Energy after the deal, holding 10.54% equities.

The project to bo acquired includes all oil and gas leases on a land of 5,100 gross acres in Duchesne County and a land of 2,279 net acres in Uintah County, Utah, together with all pipelines, facilities, equipment and materials; federal oil and gas leases on a land of 3,060 acres in Fremont County, Wyoming, together with 40% unsplited operation rights; non-operation rights of 440 gross acres in Duchesne County, Utah.

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Source: Sinocast Energy Beat (China)

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