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Pacific Asia Petroleum Raises $17.5 Million

March 9, 2010 (FinancialWire) — Pacific Asia Petroleum, Inc. (AMEX: PAP) said it has completed a registered direct offering, raising an aggregate amount of $17.5 million.

In the offering, an aggregate of 4,146,922 shares of the company’s common stock, a series of warrants to purchase up to an aggregate of 1,658,769 additional shares of common stock, and a second series of warrants to purchase up to an aggregate of 1,658,769 additional shares of common stock, were sold to certain institutional investors.

The Series C warrants are exercisable at an exercise price of $4.50 per share, effective immediately within 42 months after the closing, and the Series D warrants are exercisable at an exercise price of $4.12 per share, effective immediately until December 5, 2010.

New York-based Pacific Asia Petroleum is engaged in the development, production and distribution of oil and gas and is focused on early cash flow, high return projects.

The company controls the rights to gas acreage under contract in China and is a strategic partner with several energy companies in oil fields in China.

The company was founded in 2005 by a group of former senior Texaco executives.

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