ZhongRong Group-US Energy

America Capital Energy Corporation

After the successful exploration and development of oil in Canada, ZhongRong started to implement the energy development strategy in the US. In 2007, ZhongRong established the energy company ACEC in the US. The group leaders made this globalization and development strategic decision through a decade of preparations and tens of US visits. ACEC headquarters is located in World Financial Center New York, and its office is on the 65F of the Chrysler Building, the famous landmark in New York. ACEC has a US local top petroleum geology expert team and high-level oil development management talents.

ACEC expert team has conducted detailed exploration for oil fields in petroleum-rich Gulf of Mexico in the US (including Texas and Louisiana), and selected more than one oil and gas development projects with great resource potentials and investment value. In the future, ACEC will complete a series of overseas investment through the energy fund and mineral fund founded in the Wall Street.

Ni Zhaoxing, President of ZhongRong Group, signed the stock acquisition agreement with Mr. Alan Keel from CXPO.

Approval Letter on ACEC Stock Acquisition of CXPO issued by Committee on Foreign Investment in the United States, U.S. Treasury Department

Regional map of oil and gas assets of CXPO

Location map of rich oil and gas assets of CXPO

ZhongRong Group exploration experts visited oil wells of CXPO.

CXPO oil well field

In September 2010, ACEC formally signed the stock acquisition agreement with CXPO listed in NASDAQ in America. The oil and gas assets of CXPO are located in the coastal area of oil fields in the Gulf of Mexico. The oil and gas reserves are rich and the resource potential is great. It produces 6,500 barrels of oil equivalent per day. At present, ACEC has 14.7% of stocks of this company. As a major shareholder and board member, ACEC participates in making decisions on corporate management. ACEC will make a long-term investment to develop CXPO to a large and good-performance listed oil corporation.