Malaysians Back Off OGX Deal

Malaysia’s Petroliam Nasional (Petronas) has has backed out of an $850m agreement to buy a stake in one of OGX’s oil fields, OGX says. OGX is considering its legal options. OGX had agreed in May to sell a 40% stake in the blocks in the Tubarao Martelo field to Petronas, and the buyer in August indicated it was reluctant to complete the deal. OGX filed last month for bankruptcy protection.