China North East Petroleum Updates Shengyuan Acquisition



China North East Petroleum announced an update regarding its acquisition of Sunite Right Banner Shengyuan, an operator with exclusive oilfield exploration and drilling rights to the Durimu oilfield in Inner Mongolia.

The Company is making progress to complete its announced acquisition of Shengyuan. Specifically, the Company's Chinese legal counsel has completed its due diligence of the acquisition and provided the Company with its legal opinion and the Company's auditors have also completed the audit of Shengyuan's financial statements. In addition, the parties are moving forward to satisfy the remaining closing conditions.

Mr. Jingfu Li, CEO of China North East Petroleum commented, "We are pleased to be moving forward with the acquisition of Shengyuan and believe that the acquisition will close in the second half of April. We look forward to integrating this acquisition and believe it will further establish NEP as a premier independent oil producing and oilfield services company in China."


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