Chinese company acquires stake in Carrizo’s Niobrara acreage

Houston Business Journal by Olivia Pulsinelli – October 26, 2012

Carrizo Oil & Gas Inc. (Nasdaq: CRZO) will form a new joint venture in Colorado’s Niobrara shale play with a subsidiary of a Chinese company.

Haimo Oil & Gas LLC, a subsidiary of China’s Lanzhou Haimo Technologies Company Ltd., will acquire an undivided interest in about 6,000 net acres, located primarily in Weld and Adams counties in Colorado, and associated infrastructure and production of about 185 barrels of oil equivalent per day, Houston-based Carrizo said in an Oct. 25 statement.

Haimo will pay $27.5 million in cash for the 10 percent stake in Carrizo’s Niobrara development activities. The deal is expected to close near the end of the year.

Continue reading article at the Houston Business Journal

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