Sinopec to buy Canada's Daylight for $2.1 billion

CALGARY -(MarketWatch)- Canadian oil and gas producer Daylight Energy Ltd. (DAY.T) said Sunday it will be acquired by China Petrochemical Corp. (600028.SH) for 2.2 billion Canadian dollars ($2.12 billion).

It's the second takeover of a Canadian energy company by a Chinese state-owned entity, after China's CNOOC Ltd. /quotes/zigman/274848/quotes/nls/ceo CEO -1.30% acquired bankrupt oil-sands producer OPTI Canada Inc. in July.

China Petrochemical, as known as Sinopec, is paying a hefty premium for Daylight, which produces light oil and natural gas from properties in northeast British Columbia and northwestern Alberta. The offer is worth C$10.08 a share, or more than twice Daylight Energy's closing price on Friday, and a 44% premium to the 60-day moving average share price.

Daylight produced 37,000 barrel-of-oil equivalents of oil and gas in the second quarter, but it's recently been known for accumulating a significant undeveloped land position in the emerging liquids-rich Duvernay shale gas play in Alberta.

http://www.marketwatch.com/story/sinopec-to-buy-canadas-daylight-for-21-billion-2011-10-09

another step back for the US

Disturbing, still.

That Chinese purchase is likely paid for with a few days of war debt IOUs from us.

Ain't it all great?