The company said in Saturday disclosure to the Shanghai Stock Exchange that the oil fields in Howard and Borden counties will be acquired from two Nevada-based companies: Tall City Exploration and Plymouth Petroleum. Oilpro has reached out to both companies but have not yet received a response. The filing gave few further details on the assets being purchased.

In the Saturday filing, Yantai Xinchao said it inked a LOI on Friday with limited liability partnership, Ningbo Dingliang Huitong Equity Investment Center, and its seven shareholders to purchase the oilfields through Moss Creek Resources, a Ningbo Dingliang subsidiary.

On Friday, Yantai Xinchao shares were suspended from trading to allow for the oilfield purchase and the asset restructuring. The company projects shares to be halted for approximately one month. According to a separate stock exchange filing, the company also plans to release periodic updates on the restructuring.

In a Sunday report, the Wall Street Journal noted that industry insiders say several of Chinese firms — including some whose main businesses are not O&G —have expressed interest in acquiring North American O&G assets.