The Globe and Mail reports in its Wednesday edition that Pengrowth Energy (99 cents) has scrapped a $180-million deal to sell Alberta oil assets to a private company backed by a Chinese-Thai billionaire after financing for the transaction fell through. The Globe's Jeff Lewis writes that the move is a setback for Pengrowth as it tries to patch up its finances. Pengrowth did not disclose the buyer involved in the failed acquisition of properties in the Swan Hills region of northwest Alberta. However, sources said it was Grand Valley Resources, a private start-up company backed by the Reignwood Group, itself led by Chinese-Thai businessman Chanchai Ruayrungruang. Reignwood's best-known assets include an eponymous office complex in central Beijing as well as the Chinese rights to Red Bull energy drink. Mr. Ruayrungruang is one of several wealthy Chinese executives scouting for deals in Canada's downtrodden energy industry. More than $3-billion of private Chinese capital has entered the oil patch, often targeting distressed assets and companies in a takeover binge that has largely escaped public notice. The influx has also helped banks stem losses on soured loans to heavily indebted producers.