Past year: ▼ 94%(17.5c – 3.11 USD)
Each one in plain English, with the numbers worked through for a shareholder.
12 July 2004asset acquisition disposition● Neutral
This is an amended copy of the April 30, 2004 report on the Hong Xiang share exchange, now filed under the new name China North East Petroleum Holdings Limited. The text shown repeats the same exchange terms, management and business description; no new figures or changes are visible in the portion provided (the filing is truncated).
14 May 2004asset acquisition disposition● NeutralMajor
This resolves the March talks: on April 30, 2004 the company completed a share exchange, issuing 18,700,000 shares to acquire all of Hong Xiang Petroleum Group, leaving 19,908,822 shares outstanding with former Hong Xiang holders owning about 93.93%. Existing shareholders were left with about 6% and the Jump'n Jax subsidiary was distributed to them as a dividend (record date March 8, 2004). Clissold and Moulton resigned and a new Hong Kong-based board and management took over, led by Wang Hong Jun as chairman. The business is now oil production in the Jilin Quinan field under a 20-year exclusive contract: 20 operating wells making about 900 tons a month, with about $23 million of capital needed for full development and no assurance it can be raised.
9 Mar 2004business combination● NeutralMajor
On March 9, 2004, a group of individual buyers paid $350,000 in cash for 744,000 shares (about 79%) of the company, then called Draco Holding Corporation, from officers Lane Clissold and Steven Moulton and five other sellers. The company said it has begun preliminary talks about a possible business combination with Hong Xiang Petroleum Group Limited, a British Virgin Islands company producing crude oil in Jilin Province, China; no agreement has been signed. Clissold and Moulton remain officers and directors for now.
