China North East Petroleum Holdings, Ltd.(fka CNEP)

[gpg]

Important part of PR:

Mr. Hongjun Wang, President of China North East Petroleum, commented, "We are working diligently with our financial and accounting teams to fully evaluate the cumulative impact of these non-cash charges to our 2008 and 2009 financial statements. We want to clarify to our shareholders that this restatement is not related to our Company's business operations, and this disclosure will have no impact on our previously reported revenues, cash balances or EBITDA. This disclosure is solely to adjust for non-cash accounting items. We look forward to updating our shareholders on any developments related to this subject in the future."

Not currently in NEP, but if this drops enough should provide a very nice reentry point for those who took profits after the runoff end of last year.