Goldleaf said in a statement on the Shenzhen Stock Exchange that it would take a 95% stake in ERG.
ERG currently owns assets in California and Gulf Coast.
Goldleaf plans to pay for the purchase with a private share placement expected to raise up to 5.7 billion yuan ($940 million) from no more than 10 investors, according to multiple reports.
The deal is part of Goldleaf’s strategy to become a “cross-border, trans-market international resources enterprise”, Bloomberg reported.
The deal is yet to get approval from US and Chinese regulators, which will be required for the transaction to continue.