The Wall Street Journal is reporting that a Chinese company is buying a Texas based energy company, which has major oil drilling operations in Santa Barbara County.
Goldleaf Jewelry Company is purchasing 95% control ERG Resources for around $665 million dollars.
ERG has oil facilities in the Cat Canyon, and Casmalia areas. The company also had holdings in the Gulf of Mexico, but sold most of them in 2011.
The move is seen as an effort by the Chinese company to diversify.