I decided to change my member name, since I am in negotiations with.... Also, am not certain if cut and paste articles are permissible, and if they aren't then I will gladly apologize, I did think this article would be of interest. You all may already know this, but I didn't. I know Weld County is in a 'big'time' area. Moffat County, where I have my mineral interests, is definitely beginning to be in demand.
Please send me a comment if you have anything to share with me about lease signing bonuses and royalty percentages, in T6N R91W in Moffat County. Lee Young
Chinese Company Buys One-Third Stake In Chesapeake Shale Drilling Project.
The AP (1/31) reports CNOOC Ltd., China's state-owned offshore oil and gas company, "is intensifying its search for oil in the western United States," as it "announced Sunday it will pay $570 million for a one-third stake in Chesapeake Energy Corp.'s drilling project in an emerging oil field in northeast Colorado and southeast Wyoming." Oklahoma City-based Chesapeake "will operate the 800,000-acre project in a pair of basins in a region called the Niobrara shale," while "CNOOC will pay two-thirds of the project's drilling costs, up to an additional $697 million." In addition to CNOOC's $1.08 billion purchase of "a one-third stake in a Chesapeake drilling project in South Texas," both deals give the Chinese company "access to an emerging source of oil in the western United States: shale deposits."
AFP (1/31) explains that "Chinese companies are investing in resources from Australia to Africa to Latin America as Beijing tries to secure access to raw materials needed to fuel the fast-growing economy." CNOOC chairman Fu Chengyu said of the deal, "The project highlights the joint interests of energy companies in both US and China to accelerate the development of shale oil and gas, increase energy supply and reduce greenhouse gas emissions." While Chesapeake chief executive Aubrey McClendon "said the latest deal would 'provide the capital necessary to accelerate drilling' in the project in northeast Colorado and southeast Wyoming and create thousands of jobs."
Bloomberg News (1/31, Polson, Duce) points out that "the deal follows Chinese President Hu Jintao's first state visit to the US this month to expand economic ties, and would give CNOOC its second US energy asset, five years after political opposition derailed its $18.5 billion bid for Unocal Corp." Dow Jones Newswires (1/31, Winning, Yang) and the Financial Times (1/31, Hook) also report this story.