China North East Petroleum receives notice of noncompliance with NYSE Amex continued listing standards

Source: China North East Petroleum

China North East Petroleum Holdings Limited (the "Company") (NYSE Amex: NEP), today announced that it received a letter from the NYSE Amex LLC (the "Exchange") relating to the composition of the Company's Audit Committee. The letter from the Exchange states that the Company is not in compliance with Section 803(B)(2)(a) of the NYSE Amex Company Guide, which requires that the Audit Committee consist of at least three members.

As a result of the retirement of one of the Company's directors previously disclosed by the Company, the Company's Audit Committee currently consists of two members instead of three members as required by the rules of the Exchange. The Company has not yet named a replacement to the Company's Audit Committee due to the fact that the retiring director announced his decision not to run for re-election to the Board of Directors shortly before the date of the proxy statement for the Company's most recent shareholder meeting and the Company has not had adequate time to select a suitable candidate.

The letter from the Exchange provides that the Exchange will apply the cure period of Section 803(B)(6)(b) of the Company Guide with respect to the noncompliance. Since the Company held its last annual shareholders' meeting on November 21, 2011 and has not scheduled its 2012 annual shareholders' meeting, it will have until the earlier of its next annual shareholders' meeting or November 21, 2012 to regain compliance with the Exchange's standards; provided, however, that if the Company's next annual shareholders' meeting occurs no later than 180 days from November 21, 2011 , the Company shall instead have 180 days from November 21, 2011 to regain compliance with the Exchange's standards. The Company intends to fill the vacancy on the Audit Committee in accordance with the Exchange's standards as expeditiously as possible prior to the expiration of the cure period.


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