Genesis To Buy Chinese Methane Play For $350M

Law360, New York (June 29, 2010, 1:16 PM EDT) -- Genesis Energy Holdings Ltd. has entered into an agreement to buy Orion Energy International Inc. for $350 million, in a deal that would see the Hong Kong-based oil company delve into coalbed methane exploration and production in China.

The planned purchase, to be financed with Genesis' cash and stock, was announced Tuesday in the form of a memorandum of understanding that requires Orion to prove its coalbed methane reserves, found in a triangle formed by the central Chinese provinces of Shanxi, Shaanxi and Henan, exceed 200...
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