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.