Oil and gas company Canada Capital Energy Corp (CCEC) recently secured an undisclosed private equity investment from Rongsheng Holding Group Co Ltd of Hangzhou, China. Rongsheng, which joins existing investor the ZhongRong Group, has also committed additional equity for follow-on investments in the company to support its growth through acquisitions and organic development. Based in Calgary, CCEC is focused on light oil and liquids rich natural gas opportunities throughout the Western Canadian Sedimentary Basin. The company currently has large land holdings in southeast Saskatchewan.
CCEC Welcomes New Shareholder through Strategic Equity Investment
VANCOUVER, Jan. 6, 2014 /CNW/ – Canada Capital Energy Corporation (“CCEC” or the “Company”) is pleased to announce that on December 17, 2013 it closed a private equity investment from Rongsheng Holding Group Co., Ltd. of Hangzhou, China (“Rongsheng”). In addition, Rongsheng has committed additional equity capital for follow-on investments in the Company to support its continued growth through acquisitions and the organic development of its asset base.
Bruce Hong, CEO of CCEC commented: “We are excited to be partnering with Rongsheng, a global leader in the petrochemical sector. Rongsheng’s track record of value creation in all of its business segments and its approach to partnership make them a great fit with CCEC’s team and existing shareholder, the ZhongRong Group. The combination of our experience and the financial support from our two major shareholders provides clarity for our long term business plan.
CCEC is a private oil and gas company with current operations in southeast Saskatchewan with a focus on growing production through low-risk development and exploitation. Going forward, the Company will be focusing on light oil and liquids rich natural gas opportunities throughout the Western Canadian Sedimentary Basin.
About Zhejiang Rongsheng Holding Group Co., Ltd
Founded in 1989, Zhejiang Rongsheng Holding Group Co., Ltd., through its subsidiaries, engages in petrochemical, polyester, spinning, texturing, coal chemicals, real estate, trading, logistics, and thermal power businesses. Rongsheng is a global company serving customers in China, Europe, America, and Asia. The Company has over 10 subsidiaries, including Rongsheng Petrochemical Co., Ltd., Zhejiang Yisheng Petrochemical Co., Ltd. and Hangzhou Shengyuan Real Estate Development Co., Ltd.
About ZhongRong Group
The ZhongRong Group (“ZRG”) was established in 1992 as an investment company primarily focused on the real estate sector in China. Over its 21 year history, the ZRG has participated and directed numerous real estate developments throughout China including the Jasper Tower, Hengrui International Plaza and the International Business City in Shanghai. Current projects underway include the Beijing Chang’an project, Hangzhou International Financial Convention and Exhibition Center and the Crystal Palace in London. The ZRG is recognized as one of China’s top real estate development companies.
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