Pacific Asia Petroleum Earns Top Ranking in Latest Accounting & Governance Risk (AGR) Report
12 October 2009 - 2:00PM
Business Wire
Pacific Asia Petroleum, Inc. (OTCBB:PFAP) achieved a score of 99
out of 100 from Audit Integrity, the pre-eminent evaluator of risk,
transparency and reliability in corporate accounting and
governance. This places Pacific Asia Petroleum in the 100th
percentile among the 12,000+ companies rated for Accounting and
Governance Risk (AGR) by Audit Integrity.
The new rating is a further improvement on Pacific Asia
Petroleum’s already impressive 97% percentile ranking achieved in
Audit Integrity’s May 2009 audit.
Walter Smiechewicz, Chief Consultant of Governance & Risk
for Audit Integrity, said, “AGR is a proven statistical measure of
good governance and transparent accounting. Today, we believe that
measure is more critical than ever when evaluating a company’s
performance.”
Audit Integrity, Forbes Magazine's auditing 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 most recent AGR score, President and
CEO, Frank C. Ingriselli, said, "We are extremely pleased with
this important recognition of our continuing efforts to
translate our core values of transparency, risk reduction, and
integrity into maximizing shareholder value. That we have
continued to raise the bar, from last year's score, is a point of
special pride. Whether it be revenue recognition, strategic
partnerships, or accounting, we will remain fiscally conservative,
socially conscious and always act in a legally responsible manner
to protect our shareholders.”
For more information about Pacific Asia Petroleum's AGR report,
please visit Pacific Asia Petroleum's corporate website at
www.papetroleum.com or go directly to Audit Integrity's website at
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.