Pacific Asia Petroleum to sell $75 million redeemable convertible preference shares

By Kenneth Lim

Boston, April 25 - Pacific Asia Petroleum Inc. plans to price $75 million of redeemable convertible preference shares, the company said in a filing with the Securities and Exchange Commission.

The preference shares will be sold outside the United States under Regulation S.

The timing of the deal was not disclosed by the company.

The proceeds of the deal will be used to fund the purchase of participating interests held by ChevronTexaco in four coalbed methane and tight gas sand resource blocks in China.

Pacific Asia is a Hartsdale, N.Y.-based oil and gas company with a specific focus on China.

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