Chinese Company Loses Oil and Gas Field Rights in Utah

Published on August 16, 2024

CHK Oil, a Chinese oil company, said in an Aug. 15 statement that three of its four leases to a gas and oil field in Utah had expired as early as 2020 without the knowledge of its board of directors. The company’s stocks were halted on the Hong Kong Exchange on Aug. 14 and resumed trading on Aug. 16 after the company’s statement on the situation. CHK, formerly Pearl Oriental Oil Limited, operates in Hong Kong and the United States. The U.S. Department of Interior Bureau of Land Management issued written orders on Nov. 14, 2022, stating that three of CHK Oil’s leases expired on July 31, 2020, and March 31, 2021....

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