9 June 2004director interest notice● Neutral
Wang Hongjun became a CHINA NORTH EAST PETROLEUM HOLDINGS LTD director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
10 Mar 2004director interest notice● Neutral
CHINA NORTH EAST PETROLEUM HOLDINGS LTD President Lane S Clissold sold 320,000 shares at $0.05.
10 Mar 2004director interest notice● Neutral
CHINA NORTH EAST PETROLEUM HOLDINGS LTD Secretary/Treasurer Steven D Moulton sold 324,000 shares.
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.
31 Dec 2003director interest notice● Neutral
CHINA NORTH EAST PETROLEUM HOLDINGS LTD President Lane S Clissold bought 50,000 shares on the open market at $0.25.
31 Dec 2003director interest notice● Neutral
CHINA NORTH EAST PETROLEUM HOLDINGS LTD Secretary, Treasurer Steven D Moulton bought 50,000 shares on the open market at $0.25.
20 Nov 2003director interest notice● Neutral
CHINA NORTH EAST PETROLEUM HOLDINGS LTD Secretary, Treasurer Steven D Moulton bought 5,000,000 shares on the open market at $0.00.
18 Nov 2003director interest notice● Neutral
CHINA NORTH EAST PETROLEUM HOLDINGS LTD President Lane S Clissold bought 5,000,000 shares on the open market at $0.00.