April 15, 2010 (FinancialWire) — China GengSheng Minerals, Inc. (AMEX: CHGS), an industrial materials manufacturing company in China said it has won two fracture proppant supply contracts with China's Changqing Oilfield, a subsidiary of China National Petroleum Corp. The total value of the two contracts is around $1.3 million, according to the company.

China GengSheng said that the term of both contracts is one year, with order amounts of 2,000 metric tons and unit sales price of around $337 per metric ton, respectively.

Under the contracts, GengSheng is to start shipping fracture proppants for Changqing Oilfield. Fracture proppants are light, bauxite- based, grain-like materials that have a round and smooth surface and a quality of resisting high pressure and acid corrosion. They are used by oil and gas drillers to extract pockets of oil and natural gas scattered underground.

China-based China GengSheng Minerals develops, manufactures and markets a range of industrial material products, including refractories, industrial ceramics and fracture proppants.

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