Chinese Company Loses Oil and Gas Field Rights in Utah

The company’s stocks were briefly halted on the Hong Kong Exchange after the news emerged.

Bull statues are placed in front of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong on Aug. 18, 2023. Tyrone Siu/Reuters

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.