27  February  2020

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Pacific Asia China Energy Inc.

PACE is the first Canadian company to explore for and develop coalbed methane (CBM) resources in China. This entry into the Chinese market follows American corporations such as Chevron-Texaco, Conoco-Phillips and Far East Energy Corporation which have begun exploring for coalbed methane in recent years. To date there have been 21 coalbed methane Production Sharing Contracts (PSC) signed with 10 foreign companies in China with an investment of approximately US$150 million, covering a total area of 32,853 square kilometers. All contracts are signed with the China United Coalbed Methane Company (CUCBM) which oversees CBM exploration, development, production, transportation and sales in China.

PACE is a holding company that recently acquired 100 percent of Asia Canada Energy Corp. This subsidiary has signed a PSC with CUCBM to explore for and develop CBM resources in the large coal producing province of Guizhou. PACE can earn a 60 per cent interest by funding up to US $8 million for an exploration pilot program.

PACE also owns 100 percent of China Canada Energy Corporation (CCE). CCE has rights under a separate PSC with CUCBM to earn a 70 per cent interest in a CBM property comprising 305 km2 in the Huangshi mining area in the Hubei province of south-central China. The company can earn its interest by funding up to US$4 million in exploration expenditures and completing a 5 well pilot project.

The company has entered into a Memorandum of Understanding with Mitchell Drilling Contractors Pty Ltd of Brisbane, Australia. The Joint Venture establishes an exclusive license to use Mitchell's proprietary drilling Dymaxion System in China. Dymaxion is a unique and highly effective surface to in-seam drilling technique which the company has deployed since early 2000. To date, over 200 Dymaxion wells have been drilled on CBM projects.

PACE was recently granted permits for drilling and testing 6 wells on part of its Boatian-Qingshan property in Guizhou Province, China. Drilling is expected to begin within the next few weeks and is planned to be completed by August 2006. Data from the wells will enable the Company to evaluate the volume of coalbed methane gas (CBM) present and help assess the commercial viability of extracting the gas.

Devinder Randhawa, MBA - Chairman, CEO & Director
Tunaye Sai - President & Director
Thomas E. Hogan, P.E. - Director
David L. Marchioni, MBA, Ph.D - Vice President of Exploration & Director
Norman Mackenzie - Director
Steven Khan, MBA, FCSI, CFA - Executive Vice-President & Director
Patrick Groening, CA - Chief Financial Officer

Mike Halvorson
Douglas Brown, LLB
Sam Zhang


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