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Friday, August 15, 2014

Brightoil seeks major China acquisition after $1 billion Anadarko deal, (NYSE: APC)

Brightoil Petroleum Holdings Ltd, which just completed a $1.05 billion purchase of Anadarko Petroleum Corp's oilfield stakes in China, said it was seeking to make another major upstream acquisition over the next 12 months."We are trying to emulate what we have just done," Chief Executive Officer Bruce Yung told Reuters on Friday. "We want to become a resource-focused company."Brightoil, whose international oil trading and bunkering businesses have been hit hard by the global financial crisis, is moving to transform itself into an upstream-focusd company.It is already in talks for potential acquisitions of oil and gas-producing assets in China, and once an acquisition agreement is reached, Brightoil would fund it with both debt and equity capital, Yung said.

Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC fell by 0.58% or $-0.62/share to $105.89. In the past year, the shares have traded as low as $73.60 and as high as $113.00. On average, 3684730 shares of APC exchange hands on a given day and today's volume is recorded at 3892956.