China is Buying Shale Gas Leaseholds in Colorado and Wyoming

In case you hadn't heard, China is signing deals right and left with Chesapeake. Here's one of the latest developments:

Link to the Story

BEIJING | Sun Jan 30, 2011 11:52pm EST

BEIJING (Reuters) - China's No.3 oil and gas firm, CNOOC Ltd, announced a second shale gas deal with Chesapeake Energy, agreeing to buy a 33.3 percent stake in the U.S. firm's leasehold acres in Colorado and Wyoming for $570 million.

Just one more thing to ponder about our shale gas drilling campaign. 

You know, one of the arguments we hear so much about all of this is how producing our own natural gas will free us from our dependence on foreign oil.  Well, I guess this is a new twist on that line of reasoning.