Translated from Original Mandarin Debts Settlement AgreementDebts Settlement Agreement • April 17th, 2006 • China North East Petroleum Holdings LTD • Crude petroleum & natural gas
During period of both parties cooperatively developed the Qian112 oilfield from March of 2003 to March 31, 2006, Party B was previously responsible to redeem the oil sales revenue to Party A. In order to make a final settlement to the debtor-creditor relationship between both parties which additionally confirmed by the accountants and auditors, both parties agree that Party B owed total amount of RMB 5,364,308.4 to Party A. Base on the mutual understanding, both parties agree the following debts settlement:
