Green Dragon Gas Inks Heads of Agreement with CNOOC's Subsidiary

Green Dragon Gas Ltd., an independent company involved in the production and sale of coalbed methane (CBM) gas in China, reported Tuesday that following the announcement made Oct. 8 in relation to the drilling activities by third parties across the Company’s Production Sharing Contract (PSC) blocks in China, that it has entered into a non-binding Heads of Agreement (HOA) with Overseas Oil and Gas Corporation, Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC) regarding a potential transaction between the two companies.
Further announcements with regards to the progress of the HOA between Green Dragon and CNOOC will be made in due course, as appropriate.