China state oil company buys Verenex (Dealscape

Verenex Energy Inc. has found a suitor. The Calgary, Alberta, oil exploration company, whose explorable assets are in Libya, announced Thursday it has agreed for a subsidiary of China's state oil company, China National Petroleum Corp., to buy it for C$499 million ($400 million), or C$10 a share in cash.

The deal closes a five-month auction first announced Sept. 8 after results of an oil and gas resources assessment on its Libyan property were published. The results initially indicated 396 million barrels of oil could be extracted from the site.

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NOT A SUBSCRIBER? China state oil company buys Verenex Posted on February 27, 2009 12:09 AM Verenex Energy Inc. has found a suitor. The Calgary, Alberta, oil exploration company, whose explorable assets are in Libya, announced Thursday it has agreed for a subsidiary of China's state oil company, China National Petroleum Corp., to buy it for C$499 million ($400 million), or C$10 a share in cash. The deal closes a five-month auction first announced Sept. 8 after results of an oil and gas resources assessment on its Libyan property were published. The results initially indicated 396 million barrels of oil could be extracted from the site. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline. 362 on-depth reports of Auctions in the Energy sector 341 company pages related to oil 242 company pages related to Canada 70 articles related to China National Petroleum 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Skadden Arps Amusement parks Deb Shops Windstream Corp. Diedrich Coffee Hanna Andersson Tween Brands Entertainment Lazard Lyondell Chemical		EXISTING USERS Username Password Forget your password? Missing a product?

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