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

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NEP NYSE Amex Accepts China North East Petroleum Holdings Ltd.'s Request for Additional Time to Implement Its Listing Compliance Plan

Press Release Source: China North East Petroleum Holdings Ltd. On Friday August 27, 2010, 12:47 pm

HARBIN, China and NEW YORK, Aug. 27 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), a leading independent oil producer and oilfield services company in Northern China, today reported that on August 26, 2010, the Company received notice from NYSE Amex LLC ("AMEX") that AMEX has accepted the Company's request for additional time until August 31, 2010 to regain compliance with AMEX's continued listing standards.

As previously disclosed, on April 15, 2010 and May 25, 2010, the Company received notices from AMEX that the Company was not in compliance with AMEX's continuing listing criteria set forth in Sections 134 and 1101 of the NYSE Amex LLC Company Guide (the "Company Guide") when it failed to file its annual report on Form 10-K for the fiscal year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010.

On April 29, 2010 the Company submitted a plan to AMEX setting forth the actions the Company had and would take to bring the Company into compliance with AMEX's continued listing standards. The Company supplemented its plan on June 6, 2010. On June 15, 2010, AMEX accepted the Company's plan and granted the Company an extension until July 14, 2010 to regain compliance with AMEX's continued listing standards. On July 13, 2010, the Company submitted to AMEX a request for an additional extension of time until August 31, 2010.

The Company expects to file amendments to its quarterly reports on Form 10-Q/A for the first three quarters in 2008 and 2009, the annual report on Form 10-K/A for the year ended December 31, 2008 and its annual report on Form 10-K for the year ended December 31, 2009 by August 31, 2010. In addition, the Company will announce preliminary financial results for the quarters ended March 31, 2010 and June 30, 2010 by August 31, 2010.