In February 2007, COR acquired a 51% equity interest in Northeast Oil (China) Development Company Limited (“NE Oil”) in order to diversify into the oil exploitation sector. NE Oil has contracted with PRC incorporated oil exploitation and sales company 齊齊哈爾油田開發建設總公司 (“Qiqihar Oil”) to jointly develop an oil exploitation business (the Oil Exploitation Business”) in certain parts of Fu710 and Meilisi 723 districts in Fulaerjiqu Oilfield located in Qiqihar City, Heilongjiang Province, PRC, with a total area of about 34 square km.

To improve the management and business operations of the Oil Exploitation Business, NE Oil and Qiqihar Oil established a joint venture enterprise in the PRC called 齊齊哈爾市東北石油開發有限責任公司 (“Qiqihar Northeast”) on 25th May 2007 to carry out the Oil Exploitation Business.

Our development team consists of a group of talented individuals including geophysicists, geologists, engineers, technologists and administrative staff. Our mandate is to maximize the value of our existing core businesses while continually looking for new growth opportunities in and around our core areas.