China North East Petroleum Provides Update to Shengyuan Acquisition

China North East Petroleum Holdings NEP today announced an update regarding its acquisition of Sunite Right Banner Shengyuan Oil and Gas Technology Development Co, an operator with exclusive oilfield exploration and drilling rights to the Durimu oilfield in Inner Mongolia. The Company is making progress to complete its announced acquisition of Shengyuan. Specifically, the Company's Chinese legal counsel has completed its due diligence of the acquisition and provided the Company with its legal opinion and the Company's auditors have also completed the audit of Shengyuan's financial statements. In addition, the parties are moving forward to satisfy the remaining closing conditions.