KCLU 88.3FM - 102.3FM - 1340AM

Listen Now

Morning Edition
4:00am - 9:00am

Chinese Company Buying Energy Company With Oil Drilling Operatings In Santa Barbara County

Posted on Thursday, February 20, 2014 12:34am

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.

KCLU Local News

KCLU Featured Stories