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China North East Petroleum Comments On Stock Trading Halt

HARBIN, China and NEW YORK, March 2, 2012 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Limited (the "Company") (NYSE Amex: NEP), announced that during the day of March 1, 2012, the Company discovered that the Securities & Exchange Commission ("SEC") issued an Order of Suspension of Trading of the stock of the Company.  The SEC did not provide the Order directly to the Company and thus the Company does not know precisely when the SEC issued the Order.  In the Order, the SEC states:

"Questions have arisen regarding the accuracy and completeness of information contained in NEP's public filings with the Commission concerning, among other things, certain transfers of cash from the company's bank accounts to the personal bank accounts of related parties."

The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of NEP.  The Order states further that trading in our stock "is suspended for the period from 9:30 a.m. EST, March 1, 2012, through 11:59 p.m. EDT, on March 14, 2012."

This action surprised the Company insofar as it had no advance notice the SEC intended to issue the Order.  Nor does the Company know the specific "questions" to which the SEC refers.  The Company is endeavoring to obtain more information and will provide investors with updates as additional information becomes available. 

About China North East Petroleum

China North East Petroleum Holdings Limited is an independent oil company that engages in the production of crude oil in Northern China. The Company is a pioneer in China's private oil exploration and production industry, and the first Chinese non-state-owned oil company trading on the NYSE Amex.

The Company has a guaranteed arrangement with the PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates five oilfields in Northern China. For more information about the Company, please visit http://www.cnepetroleum.com.

For more information, please contact:

China North East Petroleum Investor Relations Department Tel: +1-646-308-1707

Stock quotes in this article: NEP 

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