Pacific Asia Petroleum Ranked in the Top 3% of Companies for Its Conservative Accounting and Governance Risk, Report by Audit Integrity
Pacific Asia Petroleum Ranked in the Top 3% of Companies for Its Conservative Accounting and Governance Risk, Report by Audit Integrity
On Monday May 4, 2009, 9:00 am EDT
HARTSDALE, N.Y., May 4, 2009 (GLOBE NEWSWIRE) -- Pacific Asia Petroleum, Inc. (OTCBB: PFAP) is rated amongst the top 3% of companies reviewed as to their accounting and governance risk, as reported by the Forbes Magazine ``100 Most Trustworthy Companies'' audit firm.
The latest AGR report (Accounting and Governance Risk Overview) issued by Audit Integrity shows Pacific Asia Petroleum' s score of 95 (out of a possible 100). This places the Company in the 97th percentile among all companies reviewed, indicating a lower accounting and governance risk than 97% of the 12,000+ companies reviewed. The results are particularly noteworthy given Pacific Asia Petroleum's size and operations in China.
Audit Integrity, Forbes Magazine's partner in the ``100 Most Trustworthy Companies,'' is a leading provider of accounting and governance risk analysis on public companies. It looks beyond the raw data on income statements and balance sheets to assess the true quality of corporate accounting and management practices.
Commenting on the Company's outstanding AGR score, President and CEO Frank Ingriselli said, ``We are very proud to receive such a favorable rating from Audit Integrity. It is a recognition of our Company's continuous commitment to conduct business in a fiscally conservative, socially conscious and legally responsible manner. We believe that shareholders and investors, particularly in the current volatile market environment, recognize that investing in companies with high ethical standards and responsible business practices is a way to maximize their value and reduce their risk.''
For more information about Pacific Asia Petroleum, Inc.'s AGR report, please visit Pacific Asia Petroleum's corporate website at http://www.papetroleum.com or go directly to Audit Integrity's website at http://www.auditintegrity.com.
About Pacific Asia Petroleum, Inc.:
Pacific Asia Petroleum, Inc. engages in the business of oil and gas exploration, development, production and trading in Asia and the Pacific Rim countries, with a specific focus on developing a broad range of energy opportunities, including clean and environmentally-friendly natural gas ventures, in China. The company's executive offices are located in Hartsdale, New York, and the company also has offices located in Beijing, China and California. On May 8, 2007, and ending on May 8, 2009, Liviakis Financial Communications, Inc. (“LFC”) was retained by Pacific Asia Petroleum, Inc. in various consulting capacities including strategic management planning, investor relations and other business development responsibilities. In lieu of paid expenses, salaries or commissions, LFC may be compensated in restricted shares of stock totaling as much as 1,250,000 shares. Officers and employees of LFC may buy or sell shares in Pacific Asia Petroleum, Inc. prior, during or after this release. LFC advises Pacific Asia Petroleum, Inc. but does not provide investment advice. LFC is not a registered investment advisor or broker-dealer. All material provided regarding Pacific Asia Petroleum, Inc. including, but not limited to its history, corporate status, and other developments was prepared using information approved and signed off by Pacific Asia Petroleum, Inc. management as approved for public dissemination. Although the information contained herein is believed to be reliable, LFC makes no warranties as to the accuracy of the description of any of the content herein and accepts no liability for how readers may choose to utilize it.
Contact:
Pacific Asia Petroleum, Inc.
Media Contact:
Bonnie Tang
914-472-6070
bonnietang@papetroleum.com
www.papetroleum.com
250 East Hartsdale Ave.
Hartsdale, NY 10530
Liviakis Financial Communications, Inc
Investor Relations Contact:
John Liviakis
(415) 389-4670
John@Liviakis.com
www.liviakis.com
655 Redwood Hwy, Suite 395
Mill Valley, CA 94941