New Times Energy Corp. Ltd. (HKSE: 166) has sold its leases in East Texas to an independent third party for a total consideration of US$2.8 million (HK$21.7 million) on Jan. 16.

In July 2011, the group acquired oil and gas assets in East Texas and Louisiana through a joint venture agreement with TXX Energy Corp. and invested an aggregate amount of US$3.5 million.

The group sold parts of its assets in Caddo Parish, La., to BCM Energy Partners Inc. (OTC: BCME), an oil and gas company based in Houston, at ...