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Китай Норд ист Пет Message Board

  • archcrim archcrim Jan 8, 2013 6:33 PM Flag

    Rumor of reconcillation....

    CNEP rumor heard rectifying situation with SEC....watch for continue upside....

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    • Sounds more like a divorce than a reconcilation
      --------------------------------------------
      SECURITIES AND EXCHANGE COMMISSION
      Release No. 68601 / January 8, 2013
      ADMINISTRATIVE PROCEEDING
      File No. 3-15167
      In the Matter of
      China North East Petroleum Holdings Limited,
      Respondent.
      ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS
      AND NOTICE OF HEARING PURSUANT TO SECTION 12(j) OF
      THE SECURITIES EXCHANGE ACT OF 1934
      I.
      The Securities and Exchange Commission (“Commission”) deems it necessary and
      appropriate for the protection of investors that public administrative proceedings be, and hereby
      are, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 (“Exchange
      Act”) against Respondent China North East Petroleum Holdings Limited.
      II.
      After an investigation, the Division of Enforcement alleges that:
      A. Respondent China North East Petroleum Holdings Limited (“CNEP” or
      “Respondent”) (CIK No. 0000787251), a Nevada corporation with principal executive offices
      located in New York, is purportedly engaged in oil exploration, production and drilling in the
      People’s Republic of China (“China”). CNEP’s common stock was registered with the
      Commission pursuant to Section 12(b) of the Exchange Act and was listed on the NYSE MKT,
      LLC (“NYSE”). On July 6, 2012, the NYSE filed a Form 25 delisting the common stock
      effective on July 16, 2012, and deregistering the common stock from Section 12(b) effective on
      October 4, 2012. Upon deregistration from Section 12(b), the common stock reverted to its
      previous registration pursuant to Section 12(g) of the Exchange Act. As of January 7, 2013,
      CNEP securities were quoted on OTC Link (formerly “Pink Sheets”) operated by OTC Markets
      Group Inc. at 19 cents per share, had four market makers, and were not eligible for the
      “piggyback” exception of Exchange Act Rule 15c2-11(f)(3).
      2
      B. CNEP is delinquent in its reporting obligations under Section 13(a) of the
      Exchange Act having not filed a periodic report for any period ended after September 30, 2011.
      C. Section 13(a) of the Exchange Act and the rules promulgated thereunder require
      issuers of securities registered pursuant to Section 12 of the Exchange Act to file with the
      Commission current and accurate information in periodic reports. Specifically, Rule 13a-1
      requires issuers to file annual reports, and Rule 13a-13 requires domestic issuers to file quarterly
      reports.
      D. As a result of the foregoing, Respondent failed to comply with Section 13(a) of
      the Exchange Act and Rules 13a-1 and 13a-13 thereunder.
      III.
      In view of the allegations made by the Division of Enforcement, the Commission deems
      it necessary and appropriate for the protection of investors that public administrative proceedings
      be instituted to determine:
      A. Whether the allegations contained in Section II above are true and, in connection
      therewith, to afford the Respondent an opportunity to establish any defenses to such allegations;
      and,
      B. Whether it is necessary and appropriate for the protection of investors to suspend
      for a period not exceeding twelve months, or revoke the registration of each class of securities
      registered pursuant to Section 12 of the Exchange Act of the Respondent identified in Section II
      above.
      IV.
      IT IS HEREBY ORDERED that a public hearing for the purpose of taking evidence on
      the questions set forth in Section III above shall be convened at a time and place to be fixed, and
      before an Administrative Law Judge to be designated by further order as provided by Rule 110
      of the Commission’s Rules of Practice [17 C.F.R. § 201.110].
      IT IS HEREBY FURTHER ORDERED that Respondent shall file an Answer to the
      allegations contained in this Order within ten (10) days after service of this Order, as provided by
      Rule 220(b) of the Commission’s Rules of Practice [17 C.F.R. § 201.220(b)].
      If Respondent fails to file the directed Answer, or fails to appear at a hearing after being
      duly notified, the Respondent may be deemed in default and the proceedings may be determined
      against it upon consideration of this Order, the allegations of which may be deemed to be true as
      provided by Rules 155(a), 220(f), 221(f), and 310 of the Commission’s Rules of Practice [17
      C.F.R. §§ 201.155(a), 201.220(f), 201.221(f), and 201.310].
      This Order shall be served forthwith upon Respondent personally or by certified,
      registered, or Express Mail, or by other means permitted by the Commission Rules of Practice.
      3
      IT IS FURTHER ORDERED that the Administrative Law Judge shall issue an initial
      decision no later than 120 days from the date of service of this Order, pursuant to Rule 360(a)(2)
      of the Commission’s Rules of Practice [17 C.F.R. § 201.360(a)(2)].
      In the absence of an appropriate waiver, no officer or employee of the Commission
      engaged in the performance of investigative or prosecuting functions in this or any factually
      related proceeding will be permitted to participate or advise in the decision of this matter, except
      as witness or counsel in proceedings held pursuant to notice. Since this proceeding is not “rule
      making” within the meaning of Section 551 of the Administrative Procedure Act, it is not
      deemed subject to the provisions of Section 553 delaying the effective date of any final
      Commission action.
      By the Commission.
      Elizabeth M. Murphy
      Secretary