China's Yantai Xinchao to buy U.S. oilfields for $1.3 billion

The oilfields, in Howard and Borden counties, will be bought from Tall City Exploration LLC and Plymouth Petroleum LLC, Xinchao said in the filing to the Shanghai Stock Exchange.

The transaction has already been approved by the U.S. Treasury's Committee on Foreign Investment, it added.

(Reporting by Ben Blanchard and Meng Meng; Editing by Simon Cameron-Moore)