ex10_3.htm


  
    Exhibit 10.3

     

     

    
      	
               

               

               

              DATED:February 28
      2008

              日期:2008年2月28日

               

              CHINA
      NORTH EAST PETROLEUM HOLDINGS LIMITED

              中国东北石油控股有限公司

              as
      the Pledgor

              出质人

               

              And/及

               

              LOTUSBOX
      INVESTMENTS LIMITED

              as
      the pledgee

              质权人

               

               

            
	
               

                
      

              AGREEMENT
      OF PLEDGE OVER SHARES IN

              SONG
      YUAN NORTHEAST PETRO-TECHNOLOGY SERVICE CO.,LTD.

              (松原市东北石油技术服务有限公司)

              (股权质押协议)

              
                
       

               

               

            
	 
      


    


    
      
         


      

      
        1

        
          

        

      

      
         


      

    


    THIS AGREEMENT is dated February
28, 2008 and is by and between:

     

    本协议由以下双方于2008年2月28日在新加坡订立:

    


    
      	
              (1)

            	
              CHINA NORTH EAST PETROLEUM
      HOLDINGS LIMITED, a corporation
      incorporated and established under the laws of the state of Nevada, as the
      pledgor (the Pledgor);

            


    

     

    中国东北石油控股有限公司,一家依据内华达州法律设立的公司,作为出质人(“出质人”);

     

    
      	
              (2)

            	
              LOTUSBOX INVESTMENTS LIMITED
      (with its successors in such capacity), a corporation
      incorporated and established under the laws of the British Virgin Islands,
      as the Pledgee (the Pledgee),

            


    

     

    LOTUSBOX
INVESTMENTS LIMITED(及其有相应权限的继受者),一家依据英属维尔京群岛法律设立的公司,作为质权人(“质权人”)。

     

    each a
Party and collectively,
the Parties.

    以上双方单称“一方”,合称“双方”。

     

    WHEREAS,

     

    鉴于

     

    
      	
              (A)

            	
              The
      Pledgor is entering into this Agreement to provide security for the
      performance of the obligations under the Transaction Documents as defined
      under the Securities Purchase Agreement (the SPA)dated February 28,
      2008. The Pledgee is going to subscribe for Debentures and Warrants (as
      defined in the SPA) (the Subscription Amount) in
      aggregate of US$15,000,000 in accordance with the Transaction
      Documents.

            
	 	 


    

    
      	
              (A)

            	
              出质人订立本协议作为其履行于2008年2月28日签订的债券认购合同(“购债合同”)下相关购债交易文件(“购债交易文件“)的担保。质权人将根据购债交易文件购买总计为1500万美元的公司债券(见购债合同的定义)(“购债金额“)。

            
	 	 


    

    
      	
              (B)

            	
              The
      Pledgor is the registered and beneficial owner of 90% of issued and paid
      up ordinary shares in the capital of Song Yuan Northeast Petro-Technology
      Service Co., Ltd. (the
      SY), a contractual sino foreign joint venture. The registration
      number of SY as stated in its business license is Qi Zuo Ji Zong Zi
      Numbered 000182(企作吉总字第000182号). The
      registered address of SY is Comprehensive Office Building, Zhan Jiang
      Road, Youth Street, Economic and Technology Development District, Song
      Yuan, Jilin Province, the People’s Republic of China (the PRC).

            
	 	 


    

    
      	
              (B)

            	
              出质人为松原市东北石油技术服务有限公司(“松原公司”),一中外合作经营企业,的已发行并缴付出资和登记的90%普通股所有人。松原公司营业执照的注册号为“企作吉

            


    


    
      
         


      

      
        2

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              字第000182号”,其注册地址为中华人民共和国(“中国”)松原市经济技术开发区青年大街湛江路综合写字楼。

            
	 	 


    

    
      	
              (C)

            	
              The
      Parties agree that the Pledgor Pledges its 66% shares in SY as security
      for the Subscription Amount provided by the Pledgee in accordance with the
      Transaction Documents.

            
	 	 


    

    
      	
              (C)

            	
              双方同意出质人将其持有的松原公司66%股权作为质权人根据购债交易文件认购债券金额的担保。

            


    

    


    IT IS AGREED as
follows:

     

    双方兹同意如下:

     

    
      	
              1. 


            	
              DEFINITIONS
      AND INTERPRETATION/定义与解释

            


    

    
      	 	 
	
              1.1 
    

            	
              Definitions/定义

            


    

     

    Unless
otherwise defined herein, any words or expressions defined or construed in the
SPA, shall have the same definition or construction when used
herein.

     

    除非本协议另有界定,购债合同中的相关用词或表述的定义或解释,在本协议中使用时应当有相同的定义或解释。

    


    In this
Agreement, except so far as the context otherwise requires:

     

    本协议中,除非上下文另外规定:

     

    Directors mean the directors
for the time being of SY.

     

    董事指松原公司目前的董事。

     

    Enforcement Event
means:

     

    
      	
               
      

            	
              (i)

            	
              any
      failure of the due and full payment or repayment of part or all of Secured
      Total Indebtedness by the Pledgor to the Pledgee in accordance with the
      SPA and the Transaction Documents;

            
	 	 	 


    

    
      	
               
      

            	
              (1)

            	
              质押权实现事件指出质人未能根据购债合同及购债交易文件向质权人按时足额支付或偿付全部或部分担保债务总额的任何情形;

            
	 	 	 


    

    
      	
               
      

            	
              (ii)

            	
              any
      procedures of dissolution, winding up or bankruptcy or appointment of
      receiver against the Pledgor is initiated;

            
	 	 	 


    

    
      	
               
      

            	
              (2)

            	
              出质人有任何解散、清算或者破产的程序启动或者破产管理人被任命;

            
	 	 	 


    

    
      	
               
      

            	
              (iii)

            	
              any
      occurrence of events as agreed in the Transaction Documents or this
      Agreement that causes the enforcement of the Pledged
    Shares;

            
	 	 	 


    

    
      	
               
      

            	
              (3)

            	
              任何购债交易文件或本协议规定的导致出质股权被执行的事件发生;

            


    


    
      
         


      

      
        3

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              (iv)

            	
              any
      other legally provided event that causes the enforcement of the Pledged
      Shares.

            


    

    
      	 	 	 
	
               
      

            	
              (4)

            	
              任何其他法定的导致出质股权被执行的事件。

            


    

     

    Final Release Date means the
date on which the Pledgee is satisfied that all obligations of the Pledgor under
the Transaction Documents has been fully and irrevocably performed or duly
discharged by the Pledgee and no further obligation shall be performed and the
Pledge is released as a result.

     

    质押解除日指某日期,在该日出质人于购债交易文件项下的所有义务均以令质权人滿意的方式全部并且不可撤销地履行完毕或已被质权人以适当方式解除,并且出质人没有需要继续履行的其他义务,从而质押被解除。

     

    Future Shares
means:

    将来可获股权指:

     

    
      	
               
      

            	
              (i)

            	
              any
      further shares (whether ordinary, preference or otherwise) from time to
      time allotted by SY to the Pledgor (whether by way of rights, bonus or in
      any other manner whatsoever); and

            


    

    
      	 	 	 
	
               
      

            	
              1.

            	
              松原公司不时分配(无论是通过行权权、红利股或其他任何方式)给出质人的任何进一步的股权(无论是普通股、优先股或其他);以及

            


    

    
      	 	 	 
	
               
      

            	
              (ii)

            	
              any
      shares (whether ordinary, preference or otherwise) in any other company
      from time to time acquired by or allotted to the Pledgor in respect of the
      Pledged Shares and the further shares described in paragraphs (i) above as
      a result of the reconstruction or amalgamation of SY or its successor in
      title.

            


    

    
      	 	 	 
	
               
      

            	
              2.

            	
              由于松原公司或其权利继受者重组或合并,出质人从任何其他公司不时地认购或获得分配的与出质股权和上述第1项获得的进一步股权相对应的任何股权(无论是普通股、优先股或其他)。

            


    

     

    The
Future Shares (if any) shall be regarded as part of the Pledged Shares and be
pledged and enforced in the manner as agreed in this Agreement no matter whether
the relevant clauses of this Agreement mention the Future Shares or
not.

     

    将来可获股权(如有)应视为出质股权的一部分,并且按照本协议约定的方式进行质押和执行,而不管本协议相关条款是否提到将来可获股权。

     

    Pledge means all or any of the
security created over the Pledged Shares and Related Rights by or pursuant to
this Agreement for the full and due performance of the Transaction
Documents.

     

    质押指根据本协议为担保购债交易文件的按时完全履行而根据本协议在出质股权和其相关权益上设立的全部或任何担保。


    
      
         


      

      
        4

        
          

        

      

      
         


      

    


    Pledged Shares means the duly
registered and fully paid up shares in the registered capital of SY,
constituting 66% of the registered capital of SY now legally and beneficially
owned by the Pledgor.

     

    出质股权指目前由出质人合法持有和受益的、经有效登记并全额出资的、占松原公司66%注冊资本的股权。

     

    Related Rights means all
dividends, interest, income and other distributions or payable on the Pledged
Shares and all stocks, warrants, securities, rights, money or property accruing
or offered at any time and from time to time by way of conversion, redemption,
bonus, preference, option or otherwise to or in respect of the Pledged Shares or
derived from all or any of the Pledged Shares or any derivatives thereof and all
allotments, offers and benefits whatsoever accruing, offered or arising in
respect of the same including the proceeds of any sale of any of the Pledged
Shares.

     

    相关权益指与出质股权相关的应付红利、股息、收入以及其他分配,或在任何时候通过转股、赎回、红利、优先股、期权或其他形式不时产生或获供的与出质股权相关或自出质股权衍生的所有股票、权证、证券、行权权利、现金或财产,或相关衍生金融工具以及所有与出质股权相关的任何分配、要约和收益,包括出质股权出售所获得的转让款。

     

    Secured Total Indebtedness
means all amounts outstanding pursuant to the terms of the Transaction
Documents ,secured with the security as provided in this Agreement, and the
interest accrued, punitive interests, liquidated damages, indemnities, cost for
the realization of the right over the Pledge and other expenses and losses that
is payable or repayable to the Pledgee in accordance with the Transaction
Documents.

     

    担保债务总额是指由本协议提供担保的购债交易文件下所有到期未支付的金额,以及应计利息、罚息、违约金、损害赔偿金、实现质押权的费用和根据购债交易文件应向质权人支付或偿付的其他费用和损失。

     

    
      	
              1.2 
    

            	
              Interpretation/解释

            


    

    
      	 	 
	
              (a)

            	
              Except
      to the extent that the context otherwise requires, any reference to this Agreement includes
      its recitals, any document which is supplemental hereto or which is
      expressed to be collateral herewith or which is entered into pursuant to
      or in accordance with the terms hereof.

            
	 	 


    

    
      	
              (a)

            	
              除非在上下文另有约定,对本协议的任何提及包括其陈述部分、任何附于此的补充文件或宣称附属于本协议的文件或依据本协议内容而签订的文件。

            


    

    
      	 	 
	
              (b)

            	
              Save
      where otherwise indicated, references to Clauses and Schedules are to be
      construed as references to clauses of, and the schedules to, this
      Agreement.

            
	 	 


    

    
      	
              (b)

            	
              除本协议中另外约定,对条款和附件的提及应被解释为本协议的条款和附件。

            


    

     

    
      
         


      

      
        5

        
          

        

      

      
         


      

    


    
      	
              2. 


            	
              Undertaking by THE PLEDGOR/出质人的保证

            


    

     

    The
Pledgor undertakes to the Pledgee that it shall strictly and completely perform
all obligations as agreed in the Transaction Documents and this Agreement and
all supplements, instruments, letters etc. that are related or supplemental to
the Transaction Documents and this Agreement.

     

    出质人向质权人保证,出质人将严格及完全履行其在购债交易文件和本协议项下以及与购债交易文件和本协议下有关或补充的所有附录、文书、信函等约定的所有义务。

    
      	 	 
	
              3. 


            	
              SECURITY/担保

            


    

    
      	 	 
	
              3.1 

            	
              Secured
      Creditor’s Rights

            


    

    
      	 	 
	
              (a)

            	
              The
      secured creditor’s rights by this Agreement is the Subscription Amount in
      aggregate of US$15,000,000 as provided by the Pledgee to the Pledgor in
      accordance with the Purchase Agreement. The interest rate applicable to
      the Subscription Amount is 8%. The term of the Debenture is for four (4)
      years from the date the Debentures were first issued. The security
      coverage is the Secured Total Indebtedness as defined in this
      Agreement.

            


    

     

    
      	
              (a)

            	
              本协议所担保的债权为质权人根据购债交易文件向出质人认购的总金额为1500万美元的购债金额,购债金额的年利率为8%。 债券期限为四年,从债券首次发行之日起算。担保范围是本协议界定的担保债务总额。

            


    

     

    
      	
              3.2  

            	
              Pledge/质押

            


    

    
      	 	 
	
              (a)

            	
              In
      consideration of the Pledgee agreeing to subscribe from the Pledgor the
      Subscription Amount, and as a continuing security for the due and complete
      performance of all obligations as agreed in the Transaction Documents, the
      Pledgor, as legal and beneficial owner, hereby Pledges to the Pledgee,
      free from any other security and encumbrance, all the:

            
	 	 


    

    
      	
              (a)

            	
              鉴于质权人同意向出质人认购购债金额,出质人作为出质股权的合法权益持有人,在此将其目前拥有之以下权利(没有用于其他任何担保或有其他权利限制)质押给质权人,作为其按时和完全履行购债交易文件所有义务的持续担保:

            


    

     

    
      	
               
      

            	
              (i)

            	
              the
      Pledged Shares; and

            
	 	 	 


    

    
      	
               
      

            	
              1.

            	
              出质股权;和

            
	 	 	 


    

    
      	
               
      

            	
              (ii)

            	
              the
      Related Rights.

            
	 	 	 


    

    
      	
               
      

            	
              2.

            	
              相关权益。

            
	 	 	 


    

    
      	
              3.3  

            	
              Pledgor as pledgor remains
      responsible/出质人仍承担出质人的责任:

            


    

     

    Nothing
in this Agreement shall impose on the Pledgee any obligation in respect of the
Pledged Shares.


    
      
         


      

      
        6

        
          

        

      

      
         


      

    


    本协议中任何內容不应强加给质权人任何与出质股权相关的义务。

     

    
      	
              4.

            	
              PLEDGOR’S
      RESTRICTIONS/出质人的限制

            


    

    
      	 	 
	
              4.1 

            	
              Negative
      pledge/负面质押

            
	 	 


    

    
      	
              (a)

            	
              Except
      as provided in this Agreement or as permitted by the Transaction
      Documents, the Pledgor shall not do, or permit to be done, anything which
      could prejudice the Pledge nor create or permit to subsist any other
      security over the Pledged Shares.

            
	 	 


    

    
      	
              (a)

            	
              除本协议另有约定或购债交易文件许可外,出质人不得做或允许他人做任何损害质押的事宜,也不得在出质股权上创设任何其他质押或允许其他质押的存在。

            


    

     

    
      	
              4.2

            	
              Disposal/处置

            
	 	 


    

    
      	
              (a)

            	
              Except
      with the prior written consent of the Pledgee, the Pledgor shall not (nor
      agree to) enter into a single transaction or a series of transactions
      (whether related or not and whether voluntary or involuntary) to exchange,
      set off, transfer, sell or otherwise deal with or dispose of any of the
      Pledged Shares before the Final Release Date.

            
	 	 


    

    
      	
              (a)

            	
              在质押解除日前,除非质权人事先书面同意,出质人不得(也不得同意)从事单一交易或一系列交易(不论是否相关、也不论是否出于自愿)以交换、抵消、转让、出售或其他方式处理或处置任何出质股权。

            
	 	 


    

    
      	
              (b)

            	
              Except
      with the prior written consent of the Pledgee, the Pledgor shall also not
      (nor agree to) cause any of its subsidiaries to enter into a single
      transaction or a series of transactions (whether related or not and
      whether voluntary or involuntary) to exchange, set off, transfer, sell or
      otherwise deal with or dispose of any of the shares held by such
      subsidiaries.

            
	 	 


    

    
      	
              (b)

            	
              除非质权人事先书面同意,出质人不得(也不得同意)促使其任何子公司从事单一交易或一系列交易(不论是否相关、也不论是否出于自愿)以交换、抵消、转让、出售或其他方式处理或处置该等子公司持有的任何股权。

            


    

    
      	 	 
	
              5.

            	
              GENERAL
      UNDERTAKINGS/总体承诺

            


    

     

    The
undertakings in this Clause 5 remain in force from the effective date of this
Agreement until the Final Release Date.

     

    本第5条的承诺自本协议生效之日起至质押解除日止保持有效。

    
      	 	 
	
              5.1

            	
              Transaction
      authorisations/交易授权

            
	 	 


    

    
      	
              (a)

            	
              The
      Pledgor shall and cause its subsidiaries to promptly obtain, comply with
      and do all that is necessary to maintain in full force and effect this
      Agreement; and supply certified copies or originals to the Pledgee on the
      signing date of this Agreement of, any authorisation required under any
      law or regulation to enable it to perform its obligations
      under this Agreement and to ensure the legality, validity, enforceability
      or admissibility in evidence in its jurisdiction of incorporation of this
      Agreement, which include but not limited
  to:

            


    


    
      
         


      

      
        7

        
          

        

      

      
         


      

    


    
    

    
      	
              (a)

            	
              出质人应并促使其子公司在本协议签订之日立即获得、遵守并采取所有使本协议保持完全效力的相关工作;并向质权人提供任何法律法规要求的任何授权的经确证的副本或原件,使其能够履行其于本协议项下的义务并确保本协议的构成在其管辖法律下的合法、有效、可执行或可作为证据,包括但不限于:

            
	 	 


    

    
      	
               
      

            	
              (i)

            	
              Original
      of the resolution of board of directors of SY approving the
      Pledge;

            


    

     

    
      	
               
      

            	
              1.

            	
              松原公司董事会决议批准质押原件;

            
	 	 	 


    

    
      	
               
      

            	
              (ii)

            	
              Original
      of the consent of the other shareholder of SY, Ju Gui Zhi (鞠桂芝), on the
      Pledge.

            


    

     

    
      	
               
      

            	
              2.

            	
              松原公司其他股东(鞠桂芝)同意质押原件;

            
	 	 	 


    

    
      	
               
      

            	
              (iii)

            	
              Certified
      true copy of the record of the Pledge over the Pledged Shares in the
      shareholders register of SY;

            


    

     

    
      	
               
      

            	
              3.

            	
              股权质押情况记载于松原公司的股东名册中经确证的副本。

            


    

    
      	 	 
	
              5.2 

            	
              Approvals, consents and
      registrations for pledge and enforcement/质押和质押权实现的批准、同意与登记

            
	 	 


    

    
      	
              (a)

            	
              The
      Pledgor shall obtain all approvals and consents from, and complete the
      necessary filing and registration requirements from, all authorities
      necessary for the creation of the Pledge hereunder within 90 days after
      the signing of this Agreement, including but limited
to:

            
	 	 


    

    
      	
              (a)

            	
              出质人应在签订本协议后90日内取得设立质押所必需的所有部门的批准和同意,并完成必需的备案及登记手续,包括但不限于:

            
	 	 


    

    
      	
               
      

            	
              (i)

            	
              the
      approval of Jilin Province Department of Commerce (吉林省商务厅) or
      the competent foreign investment examination and approval
      authority;

            
	 	 	 


    

    1.           吉林省商务厅或有权的外商投资审批部门的批准;

    
      	 	 	 
	
               
      

            	
              (ii)

            	
              filing
      at Jilin Province Administration of Industry and Commerce (吉林省工商行政管理局)
      or the competent administration of industry and commerce;
    and

            


    

    
      	 	 	 
	
               
      

            	
              2.

            	
              在吉林省工商行政管理局或有权的工商管理部门办理备案;及

            


    

    
      	 	 
	
              (b)

            	
              Upon
      the enforcement of the Pledge under this Agreement, the Pledgor shall
      forthwith obtain or procure to obtain the necessary approvals and consents
      from all authorities where
      required, pertaining to the transfer of Pledged Shares under this
      Agreement, including:

            


    


    
      
         


      

      
        8

        
          

        

      

      
         


      

    


    
    

    
      	
              (b)

            	
              执行本协议项下的质押权时,出质人就立即从所有相关部门取得或促使取得出质股权转让所必需的批准和同意,包括:

            
	 	 


    

    
      	
               
      

            	
              (i)

            	
              the
      approval of Jilin Province Department of Commerce (吉林省商务厅) or
      the competent foreign investment examination and approval authority;
      and

            
	 	 	 


    

    1.           吉林省商务厅或有权的外商投资审批部门的批准;及

    
      	 	 	 
	
               
      

            	
              (ii)

            	
              filing
      at Jilin Province Administration of Industry and Commerce or the competent
      administration of industry and commerce.

            
	 	 	 


    

    2.           在吉林省工商行政管理局或有权的工商管理部门办理备案。

    
      	 	 
	
              (c)

            	
              All
      originals of any approval, registration certificate or filing confirmation
      obtained from the relevant authorities pursuant to this Clause 5.2 shall
      be delivered to and kept by the Pledgee.

            
	 	 


    

    
      	
              (c)

            	
              依据本5.2条自相关部门取得的任何批准、登记证或备案确认的所有原件应交付给质权人并由其保管。

            


    

    
      	 	 
	
              5.3

            	
              Documents of Title/所有权凭证

            
	 	 


    

    
      	
              (a)

            	
              The
      Pledgor shall deposit with the Pledgee on the signing date of this
      Agreement and permit the Pledgee during the continuance of this Agreement
      to hold and retain:

            
	 	 


    

    (a)           出质人应在签订本协议之日将下列文件交存予质权人,并允许质权人在本协议持续期间持有下列文件:

    
      	 	 	 
	
               
      

            	
              (i)

            	
              upon
      the execution of this Agreement (in respect of the Pledged Shares) and
      from time to time during the continuance of this Agreement (whether upon
      the allotment and issue or acquisition of the Future Shares) (A) certified
      true copy of all capital verification reports issued by an accounting firm
      verifying that the Pledgor has fully paid the registered capital of SY;
      (B) a certified true copy of the certificate of approving the
      establishment of foreign invested enterprise and the Business License of
      SY indicating that there has been full injection of registered capital;
      (C) original of investment certificate (出资证明书) issued
      by SY to the Pledgor; and

            
	 	 	 


    

    
      	
               
      

            	
              1.

            	
              在签署本协议(与出质股权有关的)后并且在本协议持续期间不时的(无论通过分配、发行或认购方式获得将来可获股权)(A)
      由会计师事务所出具的证明出质人已全额繳付松原公司注冊资本的经确证的验资报告的复印件;(B)
      表明注冊资本全部缴付到位的经确证的松原公司外商投资企业批准证书和营业执照的复印件;(C)
      松原公司颁发给出质人的出资证明书原件;及

            


    


    
      
         


      

      
        9

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              (ii)

            	
              from
      time to time and at all relevant times such other documents as the Pledgee
      may require in connection with perfecting its pledge rights in the Pledged
      Shares or the disposal of the Pledged Shares by the Pledgee in accordance
      with Clause 8.

            


    

    
      	 	 	 
	
               
      

            	
              2.

            	
              质权人不时及于所有相关时间所要求的、与完善其于出质股权上的质押权益相关或与其根据第8条对出质股权进行处置相关的其他文件。

            


    

    
      	 	 
	
              5.4

            	
              Further Documents /其他文件

            
	 	 


    

    Upon
first written demand by the Pledgee, the Pledgor will forthwith sign, seal,
deliver and complete all share transfer documents, renunciations, proxies,
mandates, assignments, deeds and documents and do all acts and things which the
Pledgee may, in its absolute discretion, at any time and from time to time
specify:

     

    一经质权人书面要求,出质人将立即签署、盖章、交付及完成所有与股权转让、弃权、代理授权、委托、委任、文书等相关文件,并完成质权人自行决定不时要求的所有行为或事项:

    
      	 	 	 
	
               
      

            	
              (i)

            	
              for
      enabling or assisting the Pledgee to perfect or improve its security
      interest over the Pledged Shares;

            
	 	 	 


    

    1.           使质权人能够或协助质权人完善或改进其于出质股权上的担保权益;

    
      	 	 	 
	
               
      

            	
              (ii)

            	
              subject
      to Clause 8 (Enforcement
      of the Pledge), to transfer the Pledged Shares to (as the case may
      be)  the Pledgee or its nominee(s) or other purchasers and to
      obtain approvals of and register the transfer in accordance with the laws
      and regulations of the People’s Republic of China;

            
	 	 	 


    

    
      	
               
      

            	
              2.

            	
              依据第8条(质押权的实现)将出质股权转让予(视情况而定)质权人或其指定方或其他购买方,并根据中华人民共和国法律法规规定取得批准和登记;

            
	 	 	 


    

    
      	
               
      

            	
              (iii)

            	
              subject
      to Clause 7 (Dividends
      and Voting), to exercise (or enable its nominee(s) to exercise) any
      rights or powers attaching to the Pledged Shares;

            
	 	 	 


    

    
      	
               
      

            	
              3.

            	
              依据第7条(红利和表决权)行使(或使其指定方能够行使)依附于出质股权的所有权利和权力;

            
	 	 	 


    

    
      	
               
      

            	
              (iv)

            	
              subject
      to Clause 8 (Enforcement
      of the Pledge), to dispose of the Pledged Shares;
  or

            
	 	 	 


    

    
      	
               
      

            	
              4.

            	
              依据第8条(质押权的实现)处置出质股权;或

            
	 	 	 


    

    
      	
               
      

            	
              (v)

            	
              otherwise
      to enforce any of the rights of the Pledgee under or in connection with
      this Agreement.

            
	 	 	 


    

    
      	
               
      

            	
              5.

            	
              或者行使本协议项下或与本协议有关的质权人的任何权利。

            


    


    
      
         


      

      
        10

        
          

        

      

      
         


      

    


    
      	
              5.5

            	
              Amalgamation etc. /合并等相关情形

            
	 	 


    

    If at any
time whether by reason of amalgamation, merger, takeover, reorganisation, bonus,
preference, options or warrants issue, investment certificate separation or for
any reason whatsoever whereby any of the Pledged Shares are represented by other
investment certificates, share certificate, securities, Pledged Shares or stock,
the Pledgor shall forthwith upon its receipt thereof pledge and deposit the same
with the Pledgee in accordance with this Agreement.

     

    如果任何时间无论何种原因的合并、吸收合并、接管、重组、额外红利、优先权、期权或权证发行、投资证书分割或由于任何其他原因出质股权的任何部分以其他投资证书、股票、有价证券、出质股权或股票表示,出质人应按本协议约定,在收到上述相应权益后,立即将该等权益交给质权人作为质押。

    
      	 	 
	
              5.6

            	
              New Shares/新股权

            
	 	 


    

    The
Pledgor shall not suffer or permit SY to cancel, increase, create or issue or
agree to issue any shares or obligation now or hereafter convertible into shares
in SY, unless with the written consent of the Pledgee.

     

    出质人不得容忍或允行松原公司取消、增加、新设或发行或同意发行任何股权或现时或之后可转换为松原公司股权的债务,但质权人书面同意除外。

    
      	 	 
	
              5.7

            	
              Alteration of
      Rights/权益的变动

            
	 	 


    

    The
Pledgor shall not suffer or permit SY to make any alteration to, grant any
rights in relation to or otherwise reorganise or purchase or reduce the
registered capital or reserves of SY in any way or enter into any composition or
arrangement with its creditors or any class of creditors of SY, unless with the
written consent of the Pledgee acting on behalf of all the Lenders.

     

    出质人不得容忍或允行松原公司以任何形式改变、授予权利或另外重新组织或购买或減少松原公司的注冊资本或资金存量或与其债权人或任何一类债权人达成任何和解或调解,但质权人代表所有出借方书面同意的除外。

    
      	 	 
	
              5.8

            	
              Articles of
      Association/章程

            


    

     

    The
Pledgor shall not convene any meeting with a view either to the alteration of
any of the provisions of SY's Articles of Association or to passing a resolution
that SY be wound up, unless with the written consent of the
Pledgee.

     

    出质人不得召集任何会议以变更松原公司章程的任何条款或者通过决议清算松原公司,除非由质权人事先书面同意。


    
      
         


      

      
        11

        
          

        

      

      
         


      

    

     

    
      	
              5.9

            	
              Owners of the Pledged
      Shares/出质股权的所有人

            
	 	 


    

    Unless as
provided for under this Agreement, the Pledgor shall not suffer or permit SY to
permit any person other than  the Pledgor to be registered as owners
of the Pledged Shares or any part thereof.

     

    除非本协议另有约定,出质人不得容忍或允许松原公司或者允许松原公司同意非出质人的任何人登记为出质股权全部或任何部分的所有人。

     

    
      	
              5.10

            	
              Value of Security/担保价值

            


    

     

    
      	
              (a)

            	
              The
      Pledgor shall not do or cause or permit to be done anything which may
      directly or indirectly in any way depreciate, jeopardise or otherwise
      prejudice the value to the Pledgee of the security hereby
      created.

            


    

     

    
      	
              (a)

            	
              出质人不得从事或者导致或者允许采取任何方式的、贬低、危及或者以其他方式直接或间接损害本协议下所设担保价值的行为。

            


    

     

    
      	
              (b)

            	
              Forthwith
      upon receipt, the Pledgor shall forward to the Pledgee copies of all
      reports, accounts, circulars, notices, documents or other communications
      received by it in respect of the Pledged
Shares.

            


    

     

    
      	
              (b)

            	
              在收到任何的与出质股权有关的所有报告、帐目、函件、通知、文件或者其他通信后,出质人将立即转寄给质权人其收到的该等报告、帐目、函件、通知、文件或者其他通信复印件。

            


    

     

    
      	
              5.11

            	
              Pledge over Future
      Shares/在将来可获股权上的质押

            


    

     

    
      	
               
      

            	
              (a)

            	
              The
      Pledgor undertakes to pledge to the Pledgee, free from any security all
      its present rights, title and interest in and
  to:

            


    

     

    
      	
               
      

            	
              (a)

            	
              如果并且当出质人已经获得将来可获股权时,出质人承诺将该等股权上目前所有权利和利益出质给质权人,并且该等股权上没有设定任何其他担保:

            


    

     

    
      	
               
      

            	
              (i)

            	
              the
      Future Shares; and

            


    

     

    
      	
               
      

            	
              1.

            	
              将来可获股权;和

            


    

     

    
      	
               
      

            	
              (ii)

            	
              the
      Related Rights of the Future
Shares,

            


    

     

    
      	
               
      

            	
              2.

            	
              将来可获股权的相关权利

            


    

     

    if and
when the Pledgor has obtained the Future Shares.

     

    
      	
               
      

            	
              (b)

            	
              The
      other provision of this Agreement shall apply to the pledge of the Pledged
      Future Shares and future Related Right, mutatis
      mutandis;

            


    

     


    
      
         


      

      
        12

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              (b)

            	
              本协议的其他条款将适用于将来可获股权及其相关权利的质押,并作相应的改变;

            


    

     

    
      	
               
      

            	
              (c)

            	
              The
      Pledgor shall execute all necessary documents, obtain all approvals,
      complete all registrations within 30 working days upon the request from
      the Pledgee and such other acts or procedures to give full effect to the
      pledge of the Pledged Future
Shares.

            


    

     

    
      	
               
      

            	
              (c)

            	
              在质权人要求后的30个工作日内,出质人将签订所有的必要的文件、获得所有的批准、完成所有的登记和该等其他行为、程序以使在将来可获股权上的质押生效。

            


    

     

    
      	
              6.

            	
              REPRESENTATIONS
      AND WARRANTIES/陈述和保证

            


    

     

    The
Pledgor makes the representations and warranties set out in this Clause 6 to the
Pledgee on the date of this Agreement.

     

    出质人于本协议签订之日作出本第六条下的陈述和保证。

     

    
      	
              6.1

            	
              The Pledged Shares/出质股权

            


    

     

    
      	
              (a)

            	
              The
      Pledged Shares are fully paid and not subject to any option to purchase or
      similar rights and there are and will be no debts, obligations or
      liabilities owing by the Pledgor to
SY.

            


    

     

    
      	
              (a)

            	
              出质股权已经完全出资到位并且不受制于任何的购买或者类似的期权,并且出质人没有并且也将不会有应对松原公司偿还的任何债务、履行任何的义务或者责任。

            


    

     

    
      	
              (b)

            	
              The
      Pledged Shares have been duly authorised and validly issued and will at
      all times be free from any rights of
  pre-emption.

            


    

     

    
      	
              (b)

            	
              出质股权已经被适当地授权并且有效地签发,并且在任何时候都不存在优先购买权。

            


    

     

    
      	
              (c)

            	
              The
      constitutional documents of SY do not and will not restrict or inhibit any
      transfer of the Pledged Shares on creation or enforcement of the security
      pursuant to this Agreement.

            


    

     

    
      	
              (c)

            	
              松原公司的章程性文件不会并且将不会在依据本协议设立或者实现担保时,限制或者约束任何出质股权的转让。

            


    

     

    
      	
              (d)

            	
              The
      Pledge has been legally and validly approved by all the competent internal
      organs of the Pledgor and SY.

            


    

     

    
      	
              (d)

            	
              股权质押已经获得了出质人以及松原公司所有有权内部机构的合法和有效批准。

            


    

     

    
      
         


      

      
        13

        
          

        

      

      
         


      

    


    
      	
              (e)

            	
              The
      Pledged Shares represents sixty six percent (66%) of the total paid-up
      registered capital and shareholder’s benefit of
  SY.

            


    

     

    
      	
              (e)

            	
              出质股权代表松原公司总的已缴付的注册资金和股权权益的66%。

            


    

     

    
      	
              6.2

            	
              Ownership/所有权

            


    

     

    
      	
              (a)

            	
              The
      Pledgor has not assigned, transferred or otherwise disposed of the Pledged
      Shares (or its right and interest to or in the Pledged Shares), either in
      whole or in part, nor agreed to do so, and will not at any time do so or
      agree to do so except in accordance with the Transaction Documents or this
      Agreement.

            


    

     

    
      	
              (a)

            	
              出质人没有,全部地或者部分地,转移、转让或者其他的处置出质股权的行为(或者其在出质股权上的权利和利益),也没有同意上述处置地行为,并且除非依据购债交易文件或者本协议,其将在任何时候都没有上述的处置或者同意上述处置的行为。

            


    

     

    
      	
              (b)

            	
              The
      Pledgor is and will at all times be the sole legal and beneficial owner of
      the Pledged Shares. The Pledged Shares shall not be subject to any other
      forms of pre-emptions or judicial, administrative or arbitrative measures,
      nor shall they be subject to any other guarantees, Pledge, encumbrances or
      third party’s claims.

            


    

     

    
      	
              (b)

            	
              出质人在任何时候应是并且将是出质股权的唯一合法的所有者。出质股权应不受制于任何其他形式的优先购买权或者司法的、行政的或者仲裁措施,并且他们也将不受制于任何其他的担保、质押或者其他第三方权利。

            


    

     

    
      	
              6.3

            	
              No Existing
      Security/目前没有担保

            


    

     

    Except
for the Pledge, no Security exists on or over the Pledged Shares and the Pledgor
is not a party to, nor is the Pledgor or any of the Pledged Shares bound by, any
order, agreement or instrument under which the Pledgor is, or in certain events
may be, required to create, assume or permit to arise any security or third
party’s rights over the Pledged Shares.

     

    除了本协议约定的质押,在出质股权上没有任何的担保存在,并且出质人不是其被要求在出质股权上设立、承担或者同意设立任何担保的命令、合同或者文件的一方,并且出质人或者任何的出质股权不应该受该等命令、合同或者文件的约束。

     

    
      	
              6.4

            	
               No Further Security to be
      created/不得再设担保

            


    

     

    
      	
              (a)

            	
              Without
      prior written consent of the Pledgee, the Pledgor shall not further pledge
      to any third party the Pledged Shares, nor create any third party’s rights
      on the same.

            


    

     

    
      	
              (a)

            	
              在没有质权人的事先书面同意时,出质人不应将出质股权再出质给任何第三方,也不会在其上设定任何第三方的权利。

            


    

     

    
      
         


      

      
        14

        
          

        

      

      
         


      

    


    
      	
              (b)

            	
              Without
      prior written consent of the Pledgee and subject to Clause 7.1 (Dividends), the Pledgor
      shall not transfer the account proceeds under Clause 7.1 (Dividends).

            


    

     

    
      	
              (b)

            	
              在没有质权人的事先书面同意时并且受制于第7.1条(分红)的约定,出质人将不会转移第7.1条(分红)下产生的收益。

            


    

     

    
      	
              6.5

            	
              Repetition/持续有效

            


    

     

    Each of
the representations and warranties in this Clause 6 are deemed to be made by the
Pledgor by reference to the facts then existing at all times during the
continuance of this security.

     

    本第6条中的称述和保证应视为由出质人在本保证持续期间对于届时存在的所有的事实所作出的称述和保证。

     

    
      	
              7.

            	
              DIVIDENDS
      AND VOTING/分红和投票

            


    

     

    
      	
              7.1

            	
              Dividends/分红

            


    

     

    All
dividends and other distributions and benefits accruing on or deriving from the
Pledged Shares and the Pledged Future Shares after the Pledge created hereunder
coming into effect shall be held on trust and forthwith paid and transferred to
the Pledgee as a security for the Secured Total Indebtedness.

     

    在本协议设立的质押生效后,所有的在出质股权以及质押的将来可获股权上产生的或者来自于该等股权的分红和其他分配和收益应由质权人代持并立即支付并且转移给质权人,作为担保债务总额的担保。

     

    
      	
              7.2

            	
              Voting Rights /投票权

            


    

     

    The
rights and powers attached to the Pledged Shares shall be exercised as
follows:

     

    出质股权上的权利应该按照如下约定行使:

     

    
      	
               
      

            	
              (i)

            	
              prior
      to an Enforcement Event: until an Enforcement Event, and without prejudice
      to the Pledgee’s right to indemnities according to this Agreement and/or
      the laws and regulations, the Pledgor may exercise all voting and other
      rights and powers attached to the Pledged Shares provided that the Pledgor
      may not exercise the same in a manner which is prejudicial to the security
      hereby created or conflicts with any provision of the Transaction
      Documents and this Agreement; and

            


    

     

    
      	
               
      

            	
              1.

            	
              在质押权实现事件发生前直到实现事件时这一段期间,并且在不影响质权人依据本协议和/或者法律、法规获得赔偿的权利的情况下,出质人可以行使出质股权
      的所有的投票权,但不得在行使投票权时影响本协议设定的质押或者与本协议或者购债交易文件条款相冲突;

            


    

     


    
      
         


      

      
        15

        
          

        

      

      
         


      

    


    
      	
               
      

            	
               

            


    

     

    
      	
               
      

            	
              (ii)

            	
              upon
      an Enforcement Event: at any time after the security created by this
      Agreement is or has become enforceable, and without prejudice to the
      Pledgee’s right to indemnities according to this Agreement and/or the laws
      and regulations, the Pledgee may from time to time direct the exercise of
      all voting and other rights and powers (by statute or otherwise) attached
      to or conferred on the Pledged Shares in such manner as the Pledgee (in
      its absolute discretion) thinks fit and the Pledgor shall, and shall
      procure that any nominee(s) of the Pledgor shall, comply with any such
      directions of the Pledgee.

            


    

     

    
      	
               
      

            	
              2.

            	
              在发生质押权实现事件时:在本协议设定的担保已经可以执行,并且不影响质权人依据本协议和/或者法律、法规获得赔偿的权利的情况下,质权人可以不时以质权人认为(以其绝对的判断)合适的方式指示所有的(法定的或者其他的)在出质股权上的或者出质股权授予的投票权和权利的行使,并且出质人应,并且促使出质人的任何指定人应,遵守质权人的该等指示。

            


    

     

    
      	
              8.

            	
              ENFORCEMENT
      OF THE PLEDGE/质押权的实现

            


    

     

    
      	
              8.1

            	
              When Enforceable/在质押权实现时

            


    

     

    
      	
              (a)

            	
              The
      security created by this Agreement shall become immediately enforceable
      and all the other powers conferred on the Pledgee by this Agreement in
      connection with enforcement shall be immediately exercisable upon an
      Enforcement Event.

            


    

     

    
      	
              (a)

            	
              本协议下的担保在质押权实现事件发生时应可立即执行,并且本协议授予质权人的、与执行有关的其他权利应该在该等事件发生时立即可以行使。

            


    

     

    
      	
              (b)

            	
              Upon
      an Enforcement Event, the Pledgee may exercise all the powers and rights
      of a pledgee conferred by any law, regulation or otherwise. The Pledgee
      has the right to dispose the Pledged Shares in such manner as the Pledgee
      may, in its sole and absolute discretion, think fit in accordance with the
      PRC Real Rights Law, PRC
      Guarantee Law and other relevant rules, regulations and judicial
      interpretation.

            


    

     

    
      	
              (b)

            	
              在质押权实现事件发生时,质权人可以行使法律、法规或其他形式授予其作为质权人的一切权利和权力。质权人有权以其自行决定认为恰当的方式,根据中华人民共和国物权法、担保法和其他相关法规、规定和司法解释来处置出质股权。

            


    

     

    
      	
              (c)

            	
              Upon
      an Enforcement Event, the Pledgor shall and cause SY, legal representative
      of SY and directors of SY to duly seal or execute and provide all the
      necessary documents as
      legally required to complete and effect the disposal of Pledged Shares by
      the Pledgee.

            


    

     


    
      
         


      

      
        16

        
          

        

      

      
         


      

    


    
    

    
      	
              (c)

            	
              在质押权实现事件发生时,出质人应当并且促使松原公司、松原公司的法定代表人和松原公司的董事适当的盖章或签署并且提供所有必要的、法律要求的文件以使质权人对出质股权的处置完成和生效。

            


    

     

    
      	
              9.

            	
              DISCHARGE
      OF SECURITY/担保的解除

            


    

     

    Upon the
Final Release Date, the Pledgee shall at the request and cost of the Pledgor
discharge (as appropriate) the Pledged Shares from the Pledge.

     

    在质押解除日,质权人将应出质人的要求并且由出质人承担相应费用,将出质股权解除质押。

     

    
      	
              10. 

            	
              BENEFIT
      OF SECURITY/担保利益

            


    

     

    
      	
              10.1

            	
              Benefit and Burden/利益和负担

            


    

     

    This
Agreement shall be legally binding upon each party to this Agreement and its
successors in title and permitted assigns.

     

    本协议应对本协议各方、其继承者或者合法受让人具有法律约束力。

     

    
      	
              10.2

            	
              The Pledgor/出质人

            


    

     

    The
Pledgor shall not assign and/or transfer any rights or obligations under this
Agreement.

     

    出质人不应转移和/或者转让其在本协议下的任何权利和义务。

     

    
      	
              10.3

            	
              The Pledgee/质权人

            


    

     

    The
Pledgee may assign and/or transfer all or any parts of its rights and/or
obligations under or in respect of this Agreement to any person from time to
time and the Pledgor agrees to execute all documents and take all action that
may be required by that Pledgee in respect of any assignment or transfer, or
proposed assignment or transfer. Any such assignee or transferee shall be
treated as a party for all purposes of this Agreement and shall be entitled to
the full benefit of this Agreement to the same extent as if it were an original
party in respect of the rights or obligations assigned or transferred to
it.

     

    质权人可以不时地转移和/或者转让其在本协议下的或者与本协议有关的所有或者任何部分的权利和/或者义务给任何人,并且出质人同意签订所有的文件和采取与任何转移或者转让、或者提议的转移或者转让有关的可能需要的所有的措施。为了本协议之目的,何该等受转移人或者受让人应被视作合同一方,并享有本协议所有权益,就好比其是本协议下被转移或者转让的权利或者义务的最初的合同方。


    
      
         


      

      
        17

        
          

        

      

      
         


      

    

     

    
      	
              11.

            	
              COUNTERPARTS/副本

            


    

     

    This
Agreement may be executed in any number of counterparts, and this has the same
effect as if the signatures on the counterparts were on a single copy of this
Agreement.

     

    本协议可以签订任何数量的副本,并且应有相同的效力就像在副本上的签字是本协议原件上的签字一样。

     

    
      	
              12.

            	
              DEFAULT/违约责任

            


    

     

    
      	
              12.1

            	
              The
      Parties shall perform their respective obligations in this Agreement duly
      and fully. Any failure of performance or complete performance of the
      obligations under this Agreement by any Party shall be regarded as a
      default, the defaulting Party shall be liable to compensate any loss
      suffered by the non defaulting
Party.

            


    

     

    
      	
              12.1

            	
              协议双方应当按时、完全履行其各自在本协议下的义务。任何一方不履行或不完全履行本协议下的义务应视为违约,违约方应向赔偿非违约方由此遭受的任何损失。

            


    

     

    
      	
              12.2

            	
              If
      any default of the Pledgor affects the validity of the Pledge, the
      security value or the enforceability of the Pledged Shares, the Pledgee
      has the right to decide whether to declare the immediate repayment of the
      Subscription Amount and ask for compensation of any loss suffered. The
      Pledged Shares shall become immediately enforceable if the Pledgee
      declares the immediate repayment of the Subscription
    Amounts.

            


    

     

    
      	
              12.2

            	
              如出质人的违约影响了质押的有效性、担保价值或者处置股权可执行性,质权人有权决定是否宣布购债金额立即到期应归还,并要求赔偿由此遭受的损失。如质权人宣布购债金额立即到期应归还,则出质股权应当立即可以执行。

            


    

     

    
      	
              13.

            	
              GOVERNING
      LAW/管辖法律

            


    

     

    This
Agreement shall be governed by and construed in accordance with the laws of the
PRC.

     

    本协议受中国法律的管辖和解释。

     

    
      	
              14.

            	
              JURISDICTION
      /司法管辖

            


    

     

    Any
dispute, controversy or claim arising out of or in connection with this
Agreement shall be settled through negotiations between the Parties; if the
Parties fail to resolve such dispute within sixty (60) days after the date such
negotiation was first requested in writing by either party, it shall be settled
by arbitration at Shanghai Sub-commission of the China International Economic
and Trade Arbitration Commission (“CIETAC”)
in accordance with the Arbitration Rules of CIETAC (as amended from time to
time). The arbitral tribunal shall consist of three arbitrators. Any arbitration
award made shall be final and binding on the Parties and may be entered and
enforced in any court of competent jurisdiction.

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    任何与本协议有关的争议、争论或者权利主张应通过各方协商解决;如果各方未能在任何一方书面要求该等协商后的60天内解决的,其应提交中国国际经济贸易委员会上海分会(“贸仲会”)依据贸仲会现时有效的仲裁规则(不时修改的)解决。仲裁庭应由3名仲裁员组成。任何仲裁裁决都是终局的并且各方应受该仲裁裁决的约束并且可以在任何合适的法庭执行。

     

    
      	
              15.

            	
              COMMUNICATIONS/通讯联络

            


    

     

    Communications
under this Agreement shall be made in writing and, unless otherwise stated, may
be made by fax or letter or by email, and shall be sent to the address, fax
number and (if applicable) email address of each Party as set out
below:

     

    
      	 	THE PLEDGOR
	 	 	 
	 	China North East
      Petroleum Holdings Limited
	 	 	 
	 	ADDRESS:    	No. 1717, Zhan Jiang
      Road, Youth Avenue, Song Yuan City, Ji Lin Province, the PRC
	 	 	 
	 	FAX
    NO: 	86-438-2161212
	 	 	 
	 	ATTENTION:  	Wang Hong
    Jun
	 	 	 
	 	EMAIL:   	cnehmail@gmail.com
	 	 	 
	 	The
      Pledgee
	 	 	 
	 	LOTUSBOX INVESTMENTS
      LIMITED
	 	 	 
	 	ADDRESS:  	c/o 137, Telok Ayer
      Street, #04-04/05, Singapore 068602
	 	 	 
	 	FAX
      NO.:   	+65 6720
    1688
	 	 	 
	 	ATTENTION:   	Diana The/ Irene
      Phua
	 	 	 
	 	EMAIL:	diana.the@harmonycapital.com.sg;
	 	 	 
	 	 	irene.phua@harmonycapital.com.sg


    

     

    本协议项下的通讯应当以书面形式以及,除非另行说明,传真、信函或者电子邮件方式进行,并且应当发送到以下明确的各方地址、传真号码和(如适用)电子邮件地址:

     

    
      
         


      

      
        19

        
          

        

      

      
         


      

    


    
      	
            	出质人
	 	 	 
	 	中国东北石油控股有限公司
	 	 	 
	 	地址:  	中国吉林省松原市青年大街湛江路1717号
	 	 	 
	 	传真: 	86-438-2161212
	 	 	 
	 	联系人: 	王洪军
	 	 	 
	 	电邮:   	cnehmail@gmail.com
	 	 	 
	 	质权人
	 	 	 
	 	LOTUSBOX INVESTMENTS
      LIMITED
	 	 	 
	 	地址:  	C/O 137, TELOK AYER
      STREET, #04-04/05, SINGAPORE 068602
	 	 	 
	 	传真:	+65 6720
    1688
	 	 	 
	 	联系人: 	DIANA THE/ IRENE
      PHUA
	 	 	 
	 	电邮:  	diana.the@harmonycapital.com.sg;
	 	 	 
	 	 	irene.phua@harmonycapital.com.sg


    

     

    
      	
              16.

            	
              MISCELLANEOUS/其他

            


    

     

    
      	
              16.1

            	
              Effectiveness of this
      Agreement/协议生效

            


    

     

    This
Agreement shall take effect upon the satisfaction of the following conditions
and shall continue to be effective until the Final Release Date:

     

    本协议在满足以下条件后生效,并且在质押解除日前持续保持有效:

     

    
      	
              (a)

            	
              the
      execution of this Agreement by the duly authorized representative of the
      Pledgor and the Pledgee;

            


    

     

    
      	
              (a)

            	
              出质人和质权人有适当权限的代表签署本协议;

            


    

     

    
      	
              (b)

            	
              the
      approval of the Pledge by Jilin Province Department of
      Commerce;

            


    

     

    
      	
              (b)

            	
              吉林省商务厅批准股权质押;

            


    

     

    
      	
              (c)

            	
              the
      filing with the Jilin Province Administration of Industry and
      Commence;

            


    

     

    
      	
              (c)

            	
              向吉林省工商行政管理局完成股权质押登记;

            


    

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    
      	 	 
	
              (d)

            	
              the
      record of the Pledge over the Pledged Shares in the shareholders register
      of SY.

            


    

     

    
      	
              (d)

            	
              股权质押情况记载于松原公司的股东名册中。

            


    

     

    
      	
              16.2

            	
              Language/语言

            


    

     

    
      	
              (a)

            	
              This
      Agreement is made both in the languages of English and Chinese. Both
      English version and Chinese version shall have the same legal effect. In
      the event of inconsistency or discrepancy between the English version and
      Chinese version, the English language version shall
    prevail.

            


    

     

    
      	
              (a)

            	
              本协议以中文和英文同时书就。中文版本和英文版本有同样的法律效力。若英文版本和中文版本有出入,以英文为准。

            


    

     

    
      	
              16.3

            	
              Amendment, termination and
      waiver/变更,终止和弃权

            


    

     

    
      	
              (a)

            	
              Upon
      this Agreement taking legal effect, neither Party shall ask for amendment
      to this Agreement without any justifiable reasons. The amendment of this
      Agreement shall be unanimously agreed by the Parties in writing after
      negotiations.

            


    

     

    
      	
              (a)

            	
              在本协议生效后,任何一方无正当理由不得要求对本协议做出修改。本协议的修改应当以双方磋商后的书面一致意见为准。

            


    

     

    
      	
              (b)

            	
              This
      Agreement shall be terminated upon occurrence of any of the following
      events:

            


    

     

    
      	
               
      

            	
              (b)

            	
              本协议在发生下列任何事项时将终止:

            


    

     

    
      	
               
      

            	
              (i)

            	
              The
      full and complete performance of all obligations under the Transaction
      Documents by the Pledgor and there is no obligation outstanding for
      performance;

            


    

     

    
      	
               
      

            	
              1.

            	
              出质人充分、完全地履行了购债交易文件;

            


    

     

    
      	
               
      

            	
              (ii)

            	
              Unanimous
      consent by the Parties to terminate this
  Agreement;

            


    

     

    
      	
               
      

            	
              2.

            	
              双方一致同意解除本协议;

            


    

     

    
      	
               
      

            	
              (iii)

            	
              The
      security provided under this Agreement is enforced and there is no
      outstanding obligation of the Pledgor under this Agreement for
      performance; and

            


    

     

    
      	
               
      

            	
              3.

            	
              本协议下提供的担保被执行,本协议项下没有需要进一步履行的义务;和

            


    

     

    
      	
               
      

            	
              (iv)

            	
              Other
      events legally required.

            


    

     

    
      	
               
      

            	
              4.

            	
              其他法律或法规要求的事项。

            


    

     

    
      	
              (c)

            	
              No
      failure or delay in the exercise of any right or remedy by any Party under
      this Agreement shall be deemed to be or interpreted as a waiver
      thereof.

            


    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    
      	
              (c)

            	
              任何一方没有或者延迟行使本协议项下的权利或补偿不得被视为或解释为该等权益的放弃。

            


    

     

    
      	
              16.4

            	
              Severability/条款可分性

            


    

     

    If any
provision in this Agreement shall be, or at any time shall become invalid,
illegal or unenforceable in any respect under any law, such invalidity,
illegality or unenforceability shall not in any way affect or impair any other
provisions of this Agreement, but this Agreement be construed as if such invalid
or illegal or unenforceable provision had never been contained
herein.

     

    如本协议的任何条款是或者在相关时间根据相关法律变成无效、非法或者不可执行,该等无效、非法或者不可执行性将在任何方面都不影响或者损害本协议其他条款,好比上述被认为无效、无法或被视为不可执行的条款从来没有包括在本协议中一样。

     

    
      
         


      

      
        22

        
          

        

      

      
         


      

    


    IN WITNESS WHEREOF the Parties
hereto have entered into this Agreement.

     

    作为见证,双方于此签订本协议。

     

    


     

    The Pledgor/出质人

     

    CHINA
NORTH EAST PETROLEUM HOLDINGS LIMITED

     

    The
Company Stamp/公司印章                                                                                               )

     

    


     

    


     

    /s/ Wang
Hongjun

     

    Authorised
Representative/授权代表

     

    Name/姓名: Wang
Hongjun

     

    For and
on behalf of CHINA NORTH EAST
PETROLEUM HOLDINGS LIMITED

     

    为及代表中国东北石油控股有限公司

     

    


     

    


     

    


     

    The Pledgee/质权人

     

    LOTUSBOX
INVESTMENTS LIMITED

     

    


     

    The
Company Stamp/公司印章                                                                                               )

     

    


     

    


     

    /s/ Diana
The Hui Ling

     

    Authorised
Representative/授权代表

     

    Name/姓名: Diana The Hui
Ling, General Counsel, signing authority pursuant to Lotusbox Investments
Limited’s Board of Directors’ Resolutions dated 25 February 2008

     

    For and
on behalf of LOTUSBOX
INVESTMENTS LIMITED

     

    为及代表LOTUSBOX INVESTMENTS
LIMITED

     

     

    23