Yantai Xinchao Industry Company told Chinese securities regulators that it was taking control of the assets as part of a deal to buy another Chinese company - Ningbo Dingliang Huitong Equity Investment Center in a move first reported by the Wall Street Journal.
The package is comprised of acreage in Borden and Howard counties on the Midland side of the Permian basin where operators are tapping the horizontal Wolfcamp and Spraberry shale formations.
