HARTSDALE, N.Y. - (Business Wire) Pacific Asia Petroleum, Inc. (OTCBB:PFAP), engaged in the business of oil and gas development, production and distribution in Asia and the Pacific Rim countries, announced today its common stock has been approved for listing on the NYSE Amex. Trading is expected to begin on November 5, 2009 under the new ticker symbol PAP (NYSE Amex: PAP). Prior to that date, Pacific Asia Petroleum’s shares will continue to trade on the Over-the-Counter (OTC) Bulletin Board. “Moving from the OTC Bulletin Board to the NYSE Amex is another tremendously important milestone for Pacific Asia Petroleum,” said President and CEO Frank C. Ingriselli. “We have always prided ourselves on our conservative accounting, transparency and corporate governance. Moving up to the NYSE Amex not only validates these efforts, it provides us with greater visibility for our company, more liquidity for our stock and the opportunity to further expand our investor base. We believe that this move will deliver more value for our shareholders now and down the road.”
“We welcome Pacific Asia Petroleum to NYSE Amex,” said Scott Cutler, Head of Listings, Americas. “Pacific Asia Petroleum and its shareholders will benefit from the superior market quality, technology, and services provided by listing on NYSE Euronext markets. Pacific Asia Petroleum is a welcome addition to our roster of leading energy companies, and we look forward to a strong and lasting partnership.”
About Pacific Asia Petroleum, Inc.:
Pacific Asia Petroleum, Inc. engages in the business of oil and gas exploration, development, production and distribution in Asia and the Pacific Rim countries, with a specific focus on developing a broad range of energy opportunities, including clean and environmentally-friendly natural gas ventures, in China. The Company's executive offices are located in Hartsdale, New York, and the Company also has offices located in Beijing, China and California.
Forward-Looking Information Statements
Some of the items discussed in this press release are forward-looking statements about Pacific Asia Petroleum’s activities. Words such as “anticipates,” “expects,” “plans,” “projects,” “believes,” “seeks,” “estimates,” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management’s current expectations, estimates and projections, are not guarantees of future performance, and are subject to certain risks, uncertainties and other factors, some of which are beyond the Company’s control and are difficult to predict. Among the factors are changes in prices of, demand for and supply of crude oil and natural gas; actions of competitors; results of additional testing; timely development of production opportunities and acquired technologies; the potential disruption or interruption of testing and development activities due to accidents, political events, civil unrest, or severe weather; government-mandated restrictions on scope of company operations; general economic and political conditions; the Company’s need and ability to obtain capital; the Company’s ability to successfully consummate contemplated acquisitions, obtain required government approvals, and integrate the acquired entities and operations into the Company’s business; and other risks described in the Company’s filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Pacific Asia undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Pacific Asia Petroleum, Inc.
Bonnie Tang, 914-472-6070
bonnietang@papetroleum.com
