(MENAFN) China's oil and gas company MIE Holdings said it had agreed to purchase shared of Canadian Long Run Exploration Ltd. for a total of USD153.23 million payable in cash.
The target is an intermediate oil and natural gas company headquartered in Calgary, Canada with a focus on development, exploration and production in the Western Canadian Sedimentary Basin.
It owns a total acreage of more than 2.2 million acres (8,903km2), with about 40 percent of lands undeveloped. It owns interest in 90 areas with more than 3,000 producing wells.
Upon completion and consolidation of target as subsidiary of MIE Holdings, the acquisition will significantly enhance the MIE Group's proved and probable reserves by more than 75 percent.
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