Lanzhou Haimo Technologies Co., Ltd. (SZSE:300084) entered into an agreement to acquire 10% stake in Liquid Rich Shale Assets in Denver, Julesburg Basin in Colorado from Carrizo Oil & Gas Inc. (NasdaqGS:CRZO) for $27.5 million in cash on October 25, 2012. The consideration is subject to adjustments. After the completion of the transaction, Lanzhou Haimo Technologies Co., Ltd and Carrizo Oil & Gas will hold 10% and 60% stake respectively.

The transaction is subject to customary closing conditions, including Chinese government approvals. The transaction is expected to close in fourth quarter of 2012.