Chinese firm puts in an offer for bankrupt oil sands producer

Chinese firm puts in an offer for bankrupt oil sands producer

East River Oil and Gas has purchased bankrupt oil sands producer Connacher Oil and Gas for $113.5 million. East River is an affiliate of Shanghai-based Changchun Sinoenergy Corp.

The deal is subject to approval by Canadian and Chinese authorities, as well as Connacher's first lien bond holders, who are owed more than $200 million.

In their latest quarterly release, Connacher says it produced 12,060 bbl/day at its Great Divide in-situ operations near Fort McMurray.

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