Pacific Asia Petroleum Inc. (PFAB.OB) Secures Agreement for the Acquisition of 51% Stake in Several Oil Production Companies
Oil and gas exploration company Pacific Asia Petroleum Inc. (PFAB.OB) today announced it has inked an amended agreement with Well Lead Group Ltd., in which Pacific Asia will acquire a 51 percent stake in several Well Lead-related onshore oil production companies in the People’s Republic of China. The agreement correlates with Pacific Asia’s intentions on developing a wide range of energy operations, including alternative energies, in China. In September of 2008, Pacific Asia entered into an agreement with Well Lead regarding the sale and purchase of up to 39 percent of Well Lead’s interests in Northeast Oil Development Company Ltd.…