Xinchao Shiye looks to buy Texan oil fields

China’s listed oil and gas concern, the Shadong-based  Xinchao Shiye is planning to spend around $1.3bn buying oil fields located in the Texan counties of Howard and Borden counties. The company yesterday sent a disclosure note to the Shanghai Stock Exchange, informing it that it had signed a  Letter of Intent with Ningbo Dingliang Huitong Equity Investment Center instructing its Moss Creek Resources subsidiary  to purchase the oil fields from Tall City Exploration and Plymouth Petroleum.