China Petrochemical Corp (also known as Sinopec; SNP.NYSE, SNP.LSE, 600028.SH, 0386.HKG) announced that it would add to its oil and gas reserve assets in North America by acquiring Canada-based Daylight Energy (DAY.TSX) for US$2.11 billion, Bloomberg reported. The offer values Daylight at more than twice its market capitalization as of Friday. Daylight’s stock has fallen 54% during the past year due to investor worries that high debt would leave the firm vulnerable to a sudden collapse in oil prices. The Daylight acquisition would give Sinopec more than 300,000 acres of oil and gas land in Alberta and British Columbia, part of the firm’s broader effort to expand its resource portfolio overseas. Sinopec is not alone in this push: rival China National Offshore Oil Corporation (parent of CNOOC; CEO.NYSE, 0883.HKG) said in July that it would buy struggling oil sands company Opti Canada (OPC.TSX) for US$2.1 billion.