HARTSDALE, N.Y. - (Business Wire) Pacific Asia Petroleum, Inc. (NYSE Amex:PAP) announced today that it will ring The Opening BellSM tomorrow at the New York Stock Exchange to recognize and celebrate the company’s recent listing on the NYSE Amex. Founded in 2005 by a group of former senior Texaco executives, Pacific Asia Petroleum, Inc (“Company”) is focused on investing in and developing early cash flow and high-return oil, gas and coal bed methane properties in China, the Pacific Rim and other countries around the world. Commenting on the event, CEO Ingriselli said: “We’ve come a long way in a short period of time. But this is just the beginning. Our new agreement with CAMAC covering the acquisition of a major producing oilfield offshore Nigeria (the “Oyo Oilfield”) and our growth strategy for 2010 and beyond will continue to deliver value, reserves and rising revenues to our shareholders.”
In addition to the Oyo Oilfield opportunity, Pacific Asia’s key businesses include the Enhanced Oil Recovery and Production (EORP) projects in China (which utilizes a proprietary Company owned and patented technology to increase production in existing wells), and the Company's 100%-owned Zijinshan coalbed methane (CBM) asset located in China's Shanxi Province.
The Company’s unique EORP technology has been previously successfully tested on hundreds of wells in China where it has increased existing production levels from 50% to 100%. The first of the Company's EORP projects started producing from wells located in China's Liaoning Province in September 2009.
The Company's Zijinshan CBM asset is estimated by the China United Coal Bed Methane Company (CUCBM) to have over 3.8 trillion cubic feet of potential gross gas resources. The Company began drilling operations on the Zijinshan asset in 2009.
About Pacific Asia Petroleum, Inc.
Pacific Asia Petroleum, Inc. (NYSE Amex:PAP) is a U.S. publicly-traded energy company engaged in the development, production and distribution of oil and gas and is focused on early cash flow, high return projects. The Company controls the rights to significant gas acreage under contract in China and is a strategic partner with several major energy companies in high-value oil fields in China. The Company was founded in 2005 by a group of senior Texaco executives and is led by President and CEO Frank C. Ingriselli. Pacific Asia Petroleum is headquartered in Hartsdale, New York, and also has offices in Beijing, China and California.
Cautionary Statement Relevant to Forward-Looking Information
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 the transactions contemplated with CAMAC pursuant to the Purchase and Sale Agreement and other 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 Petroleum 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 (Media)
bonnietang@papetroleum.com
www.papetroleum.com
or
Liviakis Financial Communications, Inc
John Liviakis, 415-389-4670 (Investor Relations)
John@Liviakis.com
www.liviakis.com
