China North East Petroleum Holdings Ltd. Announces Purchase of Oil Field

China North East Petroleum Holdings Ltd(NEP). announced the purchase of an exploration and production company with the drilling rights on oil properties in Inner Mongolia. The deal is expected to close during the first quarter of 2011.
China North East Petroleum Holdings Ltd. will purchase Sunite Right Banner Shengyuan Oil and Gas Technology Development Co., Ltd. for a total of $43.4 million in a combination of stock and cash. The company will pay $10.6 million in cash at closing and issue 5.8 million shares of restricted common stock in exchange for a 100% interest in the company.
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Source: Internatinal Business Times