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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
filed with the Securities and Exchange Commission on July 1,
2008.&#160;&#160;&#160;&#160;&#160;&#160;&#160;File No. 000-52770</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">FORM
S-8</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REGISTRATION
STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNDER</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
SECURITIES ACT OF 1933</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">PACIFIC
ASIA PETROLEUM, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Delaware</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
      or other jurisdiction of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">incorporation
      or organization)</font></div>
            </td>
            <td valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">30-0349798</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(</font>I.R.S.
      Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Identification
      No.)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">250
East Hartsdale Ave., Suite 47</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Hartsdale,
New York 10530</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
of principal executive offices)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pacific
Asia Petroleum, Inc. 2007 Stock Plan</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restricted
Stock Issued Pursuant to 2007 Stock Plan</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Plan
Options Granted Pursuant to Employment Agreements</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
title of the plans)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;&#9472;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Frank
      C. Ingriselli</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President
      and Chief Executive Officer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Pacific
      Asia Petroleum, Inc.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">250
      Hartsdale Ave., Suite 47</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Hartsdale,
      New York 10530</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;(Name and address of agent
      for service</font>)</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(914)
      472-6070</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Telephone
      number, including area code, of agent for service)</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Copy
      to:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Lawrence
      Schnapp, Esq.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">TroyGould
      PC</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1801
      Century Park East, Suite 1600</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Los
      Angeles, California 90067</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(310)
      789-1269</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CALCULATION
OF REGISTRATION FEE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="98%">
          <tr>
            <td valign="top" width="26%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title
      of securities to be registered</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="15%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount
      to be</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;registered</font></div>
            </td>
            <td valign="top" width="22%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed
      maximum offering price per share</font></div>
            </td>
            <td valign="top" width="21%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Proposed
      maximum aggregate offering price</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amount
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">registration
      fee</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
      Stock, par value $0.001 per share<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)(6)</font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,644,600
      shares</font></div>
            </td>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$18.50</font></div>
            </td>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$67,425,100</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2,649.81</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
      Stock, par value $0.001 per share<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)(6)</font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">170,000
      shares</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$6.00</font></div>
            </td>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1,020,000</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$40.09</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
      Stock, par value $0.001 per share <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)(6)</font></font></div>
            </td>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">175,400
      shares</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$6.00</font></div>
            </td>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$1,052,400</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$41.36</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
      Stock, par value $0.001 per share <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(4)(6)</font></font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,000
      shares</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$12.50</font></div>
            </td>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$125,000</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$4.91</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Common
      Stock, par value $0.001 per share <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(5)(6)</font></font></div>
            </td>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">775,200
      shares</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$0.56</font></div>
            </td>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$434,112</font></div>
            </td>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$17.06</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Total</font></div>
            </td>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4,775,200
      shares</font></div>
            </td>
            <td valign="top" width="22%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">--</font></div>
            </td>
            <td align="left" valign="top" width="21%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$70,056,612.00</font></div>
            </td>
            <td align="left" valign="top" width="17%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">$2,753.23</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      shares reserved for issuance pursuant to future awards under the 2007
      Stock Plan.&#160;&#160;The proposed maximum offering price per share and
      maximum aggregate offering price for these shares were estimated pursuant
      to Rule 457(c) of the Securities Act of 1933 on the basis of the $18.50
      average of the high and low trading prices of the registrant&#8217;s common
      stock as reported on the OTC Bulletin Board on June 27,
    2008.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      shares issuable upon exercise of outstanding options issued to employees
      and consultants of the Company under the 2007 Stock Plan on December 17,
      2007 with an exercise price of $6.00 per
share.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      shares of restricted stock issued to certain employees and consultants of
      the Company under the 2007 Stock Plan on December 17, 2007 at $6.00 per
      share.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      shares of restricted stock issued to Robert C. Stempel, a director of the
      Company, under the 2007 Stock Plan on February 11, 2008 at $12.50 per
      share.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      shares issuable upon the exercise of outstanding options under non-plan
      option grants pursuant to agreements with certain employees and
      consultants of the Company with an exercise price of $0.56 per
      share.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Rule 416(a) of the Securities Act of 1933, this registration statement
      covers, in addition to the shares of common stock specified above, an
      indeterminate number of additional shares of common stock that may become
      issuable as a result of the stock splits, stock dividends and similar
      transactions.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
I</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Registration Statement relates to two separate prospectuses:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
      10(a) Prospectus:&#160;&#160;Items 1 and 2 of Part I, and the documents
      incorporated by reference in response to Item 3 of Part II, of this
      Registration Statement, constitute a prospectus meeting the requirements
      of Section 10(a) of the Securities Act of 1933, as amended (the
      &#8220;Securities Act&#8221;), relating to the issuance of (i) up to 3,644,600 shares
      of our common stock issuable pursuant to the 2007 Stock Plan as restricted
      stock and/or upon exercise of options issued thereunder, (ii) 170,000
      shares of our common stock issuable upon exercise of currently issued and
      outstanding options issued pursuant to the 2007 Stock Plan, and (iii)
      775,200 shares of our common stock issuable upon exercise of currently
      issued and outstanding options issued pursuant to agreements outside of
      the 2007 Stock Plan.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reoffer
      Prospectus:&#160;&#160;The material that follows Item 2 of Part I, up to,
      but not including, Part II of this Registration Statement, of which the
      prospectus is a part, constitutes a &#8220;Reoffer Prospectus&#8221; prepared in
      accordance with the requirements of Part I of Form S-3 under the
      Securities Act.&#160;&#160;Pursuant to Instruction C of Form S-8, the
      Reoffer Prospectus may be used for reoffers or resales of shares which are
      deemed to be &#8220;restricted securities&#8221; or &#8220;control securities&#8221; under the
      Securities Act and which have been acquired by, or may be acquired upon
      exercise of options held by, the selling stockholders named in the Reoffer
      Prospectus, specifically (i) 185,400 shares of restricted common stock
      issued and outstanding under the 2007 Stock Plan, (ii) 135,000 shares of
      our common stock issuable upon exercise of currently issued and
      outstanding options issued pursuant to the 2007 Stock Plan held by
      &#8220;affiliates&#8221; of our company within the meaning of the federal securities
      laws, and (iii) 700,400 shares of our common stock issuable upon exercise
      of currently issued and outstanding options issued pursuant to agreements
      outside of the 2007 Stock Plan held by &#8220;affiliates&#8221; of our
      company.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Plan
Information.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Registration Statement on Form S-8 is being filed to register (i)&#160;3,644,600
shares of the common stock, par value $0.001 per share, of Pacific Asia
Petroleum, Inc., which have been reserved for issuance under the Pacific Asia
Petroleum, Inc. 2007 Stock Plan (the &#8220;Plan&#8221;),&#160;&#160;(ii) 170,000 shares of
the common stock, par value $0.001 per share, of Pacific Asia Petroleum, Inc.,
which are issuable upon exercise of currently issued and outstanding options
issued pursuant to the Plan, and (iii) 775,200 shares of the common stock, par
value $0.001 per share, of Pacific Asia Petroleum, Inc., which are issuable upon
exercise of currently issued and outstanding options issued pursuant to
agreements outside of the Plan.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
documents containing the information specified in Part I will be sent or given
to eligible participants in the Plan and to recipients of non-Plan options as
specified by Rule 428(b)(1) of the Securities Act.&#160;&#160;Such documents are
not being filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) either
as part of this Registration Statement or as prospectus supplements pursuant to
Rule 424 of the Securities Act.&#160;&#160;These documents and the documents
incorporated by reference in this Registration Statement pursuant to Item 3 of
Part II hereof, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Registrant
Information and Employee Plan Annual Information.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
provide, without charge, upon written or oral request, the documents
incorporated by reference in Item 3 of Part II of this Registration
Statement.&#160;&#160;These documents are incorporated by reference in the
Section 10(a) prospectus.&#160;&#160;We will also provide without charge, upon
written or oral request, all other</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">documents
required to be delivered to recipients pursuant to Rule 428(b) of the Securities
Act.&#160;&#160;Any and all such requests shall be directed to us at our
principal office by telephone at 914-472-6070, or mail at 250 East Hartsdale
Ave., Suite 47, Hartsdale, New York, 10530,
Attention:&#160;&#160;Secretary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">REOFFER
PROSPECTUS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,020,800
SHARES OF COMMON STOCK OF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PACIFIC
ASIA PETROLEUM, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Reoffer Prospectus relates to the proposed resale from time to time of up to an
aggregate of 1,020,800 shares of common stock, par value $0.001 per share, of
Pacific Asia Petroleum, Inc., (i) 185,400 of which were issued under our 2007
Stock Plan (the &#8220;Plan&#8221;), (ii) 135,000 of which are issuable upon exercise of
options previously issued under the Plan to &#8220;affiliates&#8221; of our company within
the meaning of the federal securities laws, and (iii) 700,400 of which are
issuable upon exercise of options previously issued under agreements to
affiliates of our company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If,
subsequent to the date of this Reoffer Prospectus, we grant any further awards
under the Plan to any eligible participants who are affiliates of our company,
we will supplement this Reoffer Prospectus with the names of such affiliates and
the amounts of securities to be reoffered by them as selling
shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It is
anticipated that the selling shareholders will offer shares of our common stock
for sale at prevailing prices on either the Pink Sheets or the OTC Bulletin
Board, or such other market as the common stock may then be traded on the date
of sale.&#160;&#160;We will receive no part of the proceeds from any sales made
under this Reoffer Prospectus.&#160;&#160;However, if options are exercised in
order to purchase shares of our common stock registered under the registration
statement of which this Reoffer Prospectus is a part, we will receive the
proceeds from payment of the option exercise price, except in an instance of a
cashless exercise.&#160;&#160;Selling shareholders who are our affiliates may
not sell an amount of shares which exceeds in any three month period the amount
specified in Rule 144(e) of the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
common stock is currently quoted on the OTC Bulletin Board under the symbol
&#8220;PFAP.OB.&#8221;&#160;&#160;The closing bid price on June 27, 2008 reported by the OTC
Bulletin Board was $18.25 per share of common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling shareholders may sell their shares of our common stock by means of this
Reoffer Prospectus and any applicable prospectus supplement, or they may decide
to sell them by other means, including pursuant to Rule 144 under the Securities
Act; however, they are not obligated to sell their shares at all.&#160;&#160;The
selling shareholders may sell their shares of our common stock from time to time
in one or more types of transactions (which may include block transactions) in
the over-the-counter market, in negotiated transactions, through put or call
option transactions relating to the common stock, through short sales of common
stock, or a combination of such methods of sale, at market prices prevailing at
the time of sale, at prices related to such market prices, at negotiated prices,
or at fixed prices.&#160;&#160;The selling shareholders may sell their shares of
common stock directly to purchasers, in private transactions, or through agents,
underwriters or broker-dealers.&#160;&#160;The selling shareholders will pay any
applicable underwriting discounts, selling commissions and transfer
taxes.&#160;&#160;We will pay all other expenses incident to the registration of
shares of our common stock pursuant hereto.&#160;&#160;The selling shareholders
and any broker-dealers, agents or underwriters that participate in the
distribution of shares of our common stock may be deemed to be &#8220;underwriters&#8221;
within the meaning of the Securities Act, and any commission received by them
and any profit from the resale of shares of our common stock purchased by them
may be deemed to be underwriting commissions or discounts under the Securities
Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
investment in our securities involves a high degree of risk.&#160;&#160;You
should purchase our securities only if you can afford a complete loss of your
investment.&#160;&#160;See &#8220;Risk Factors&#8221; on page 7.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is
truthful or complete.&#160;&#160;Any representation to the contrary is a
criminal offense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
prospectus does not constitute an offer to sell shares in any state to any
person to whom it is unlawful to make such offer in such state.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The date
of this Reoffer Prospectus is July 1, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TABLE
OF CONTENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="97%">
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#prospsum">Prospectus Summary</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#risketc">Risk Factors</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#risketc">Use of Proceeds</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#risketc">Determination of Offering Price</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#risketc">Dilution</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#sellshs">Selling Shareholders</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#planofdist">Plan of Distribution</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#legal">Legal Matters</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#expertsmtl">Experts</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#mtlchng">Material Changes</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#incref">Incorporation of Certain Information By
      Reference</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">12</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#moreinfo">Where You Can Find More Information</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13</font></div>
            </td>
          </tr>
          <tr>
            <td valign="bottom" width="23%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="46%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#disclosecom">Disclosure of Commission Position on Indemnification
      for Securities Act Liabilities</a></font></div>
            </td>
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="prospsum">PROSPECTUS SUMMARY</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
Reoffer Prospectus relates to the proposed offer and resale from time to time by
certain of our employees, directors, consultants and executive officers for
their own account, of an aggregate of 1,020,800 shares of our common stock, par
value $0.001 per share, (i) 185,400 of which are issued under our 2007 Stock
Plan (the &#8220;Plan&#8221;), (ii) 135,000 of which are issuable upon exercise of options
previously issued pursuant to the Plan to &#8220;affiliates&#8221; of our company within the
meaning of the federal securities laws, and (iii) 700,400 of which are issuable
upon exercise of options previously issued under agreements outside of the Plan
to affiliates of our company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
<font style="DISPLAY: inline; FONT-SIZE: 10pt">Business</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are a
development stage company formed to develop new energy ventures, directly and
through joint ventures and other partnerships in which it may participate.
Members of our senior management team have experience in the fields of petroleum
engineering, geology, field development and production, operations,
international business development, and finance. Several members of our
management team have held management and executive positions with Texaco Inc.
and have managed energy projects in the People&#8217;s Republic of China and elsewhere
in Asia and other parts of the world. Members of our management team also have
experience in oil drilling, operations, geological, engineering and sales in
China&#8217;s energy sector. Our current operations consist of the drilling of oil
wells in recently discovered fields in Inner Mongolia, China. We also are a
party to several agreements and letters of intent relating to additional
projects, including an Agreement for Joint Cooperation, which we signed with
China United Coalbed Methane Co., Ltd. (&#8220;CUCBM&#8221;) (the Chinese
Government-designated company holding exclusive rights to negotiate with foreign
companies with respect to coal bed methane (&#8220;CBM&#8221;) production in China). This
agreement grants us the exclusive rights to a large contract area for CBM
production located in the Shanxi Province of China (the &#8220;CUCBM Contract Area&#8221;),
with an option to convert such arrangement into a production sharing contract
(&#8220;PSC&#8221;).&#160;&#160;On October 26, 2007, Pacific Asia Petroleum, Ltd. (&#8220;PAPL&#8221;),
a wholly-owned subsidiary of our company, entered into a PSC with CUCBM for the
exploitation of CBM resources in the CUCBM Contract Area.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
September 2007, we entered into four asset transfer agreements, as amended in
April 2008 (the &#8220;Chevron Agreements&#8221;) with ChevronTexaco China Energy Company
(&#8220;ChevronTexaco&#8221;) for the purchase by us of participating interests held by
ChevronTexaco in production sharing contracts in respect of four CBM and tight
gas sand resource blocks located in the Shanxi Province of China with an
aggregate contract area of approximately 1.5 million acres. The aggregate base
purchase price for all of the participating interests is $50,000,000, subject to
certain income and expense adjustments prior to closing.&#160;&#160;We have paid
to ChevronTexaco a $3,050,000 deposit toward the purchase price, which is
refundable if the Chevron Agreements are terminated under certain conditions.
The closing of the asset transfers contemplated pursuant to the Chevron
Agreements is contingent upon a number of conditions precedent, including the
waiver by certain third parties of their pre-emptive rights to acquire the
participating interests, and consenting to such transfer of ChevronTexaco&#8217;s
interests to our company, and the approval of certain related agreements by the
PRC Ministry of Land and Natural Resources and the assignment of ChevronTexaco&#8217;s
participating interest by the PRC Ministry of Commerce.&#160;&#160;We will be
required to raise additional capital to consummate the purchase of the
ChevronTexaco participating interests as contemplated pursuant to the Chevron
Agreements, which we may not be able to accomplish on terms satisfactory to us,
when required pursuant to the Chevron Agreements, or at all.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To date,
although we have not yet generated any meaningful revenue, we have raised
approximately $21.6 million in equity financings to fund our ongoing working
capital requirements as well as possible acquisition and development activities.
In order to fully implement our business strategy, including the consummation of
the asset transfers contemplated pursuant to the Chevron Agreements, however, we
will need to raise significant additional capital. In the event we are unable to
raise such capital on satisfactory terms or in a timely manner, we would be
required to revise our business plan and possibly cease operations
completely.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Corporate
Organization</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We were
incorporated in the State of Delaware in 1979 under the name &#8220;Gemini Marketing
Associates, Inc.&#8221; In 1994, we changed our name from &#8220;Gemini Marketing
Associates, Inc.&#8221; to &#8220;Big Smith Brands, Inc.,&#8221; in 2006 we again changed our name
to &#8220;Pacific East Advisors, Inc.,&#8221; and in 2007 we again changed our name to
&#8220;Pacific Asia Petroleum, Inc.&#8221; As Big Smith Brands, Inc., we operated as an
apparel company engaged primarily in the manufacture and sale of work apparel,
and were listed on the Nasdaq Stock Market&#8217;s Small-Cap Market from 1995 until
December 4, 1997, and the Pacific Stock Exchange from 1995 until April 1,
1999.&#160;&#160;In 1999, we sold all of our assets related to our workwear
business to Walls Industries, Inc., and in 1999 filed for voluntary bankruptcy
under Chapter 11 of the United States Bankruptcy Code. The final bankruptcy
decree was entered on August 8, 2001, and thereafter we had no business
operations and only nominal assets until May 2007, when we consummated the
mergers of Inner Mongolia Production Company LLC (&#8220;IMPCO&#8221;) and Advanced Drilling
Services, LLC (&#8220;ADS&#8221;) into wholly-owned subsidiaries of our
company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
executive offices are located at 250 East Hartsdale Ave., Suite 47, Hartsdale,
New York 10530. We also have an office located in Beijing, China. PAP may be
contacted by telephone at (914) 472-6070, and its website is <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.papetroleum.com</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="risketc">RISK FACTORS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
investment in our securities is very speculative and involves a high degree of
risk.&#160;&#160;Before deciding to invest in our common stock, you should
carefully consider the risk factors incorporated by reference to our most recent
Annual Report on Form 10-K and Form 10-K/A and the information contained in this
prospectus, as updated by our subsequent filings under the Securities Exchange
Act of 1934, as amended.&#160;&#160;Additional risks not currently known to us
or those we currently deem to be immaterial may also materially and adversely
affect our business operations.&#160;&#160;If you decide to acquire our
securities, you should be able to afford a complete loss of your
investment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">USE
OF PROCEEDS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
not receive any proceeds from the offering.&#160;&#160;However, if any of the
selling shareholders were to exercise options granted to them to acquire shares
of our common stock to be resold pursuant to this Reoffer Prospectus, we would
receive the option exercise price with respect thereto, except in an instance of
a cashless exercise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DETERMINATION
OF OFERING PRICE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling shareholders may sell the shares of common stock issued to them from
time-to-time at prices and at terms then prevailing or at prices related to the
current market price, or in negotiated transactions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DILUTION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
the selling shareholders who offer and sell shares of common stock covered by
this Reoffer Prospectus may do so at various times, at prices and at terms then
prevailing or at prices related to the then current market price, or in
negotiated transactions, we have not included in this Reoffer Prospectus
information about the dilution (if any) to the public resulting from these
sales.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="sellshs">SELLING SHAREHOLDERS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All of
the shares of our common stock registered for sale under this Reoffer Prospectus
will be owned, prior to the offer and sale of such shares, by certain of our
employees, directors, consultants and executive officers listed below (the
&#8220;selling shareholders&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
registering the shares of our common stock covered by this Reoffer Prospectus
for the selling shareholders.&#160;&#160;As used in this Reoffer Prospectus,
&#8220;selling shareholders&#8221; includes the pledgees, donees, transferees or others who
may later hold the selling shareholders&#8217; interests.&#160;&#160;We will pay the
costs and fees of registering the shares of our common stock covered by this
Reoffer Prospectus, but the selling shareholders will pay any brokerage
commissions, discounts or other expenses relating to the sale of such
shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling shareholders may sell their shares of our common stock by means of this
Reoffer Prospectus and any applicable prospectus supplement, or they may decide
to sell them by other means, including pursuant to Rule 144 under the Securities
Act; however, they are not obligated to sell their shares at all.&#160;&#160;The
selling shareholders may sell their shares of our common stock from time to time
in one or more types of transactions (which may include block transactions) in
the over-the-counter market, in negotiated transactions, through put or call
option transactions relating to the common stock, through short sales of common
stock, or a combination of such methods of sale, at market prices prevailing at
the time of sale, at prices related to such market prices, at negotiated prices,
or at fixed prices.&#160;&#160;The selling shareholders may sell their shares of
common stock directly to purchasers, in private transactions, or through agents,
underwriters or broker-dealers.&#160;&#160;The selling shareholders and any
broker-dealers, agents or underwriters that participate in the distribution of
the shares of common stock may be deemed to be &#8220;underwriters&#8221; within the meaning
of Section 2(11) of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Because
the selling shareholders may be deemed to be &#8220;underwriters&#8221; within the meaning
of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act and will need to deliver copies of this
Reoffer Prospectus to purchasers at or before the time of any sale of the shares
being sold pursuant hereto.&#160;&#160;If we are required to supplement this
Reoffer Prospectus or post-effectively amend the registration statement of which
it is a part in order to disclose a specific plan of distribution of the selling
shareholders, the supplement or amendment will describe the particulars of the
plan of distribution, including the shares of common stock, purchase price and
names of any agent, broker, dealer, or underwriter, or arrangements relating to
any such person or entity or applicable commissions.&#160;&#160;Additional
information related to the selling shareholders and the plan of distribution may
also be provided in one or more prospectus supplements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
applicable rules and regulations under the Securities Exchange Act of 1934, as
amended (the &#8220;Exchange Act&#8221;), no person engaged in the distribution of the
shares covered by this Reoffer Prospectus may simultaneously engage in market
making activities with respect to our common stock for a restricted period
commencing immediately prior to the distribution of the shares and lasting
throughout the distribution period.&#160;&#160;In addition, the selling
shareholders will be subject to applicable provisions of the Exchange Act and
the associated rules and regulations under the Exchange Act, including
Regulation M, the provisions of which may limit the timing of purchases and
sales of other shares of common stock (other than the shares being sold pursuant
hereto) by the selling shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following table sets forth:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      name of each affiliated and non-affiliated selling
      shareholder;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      number of shares of common stock owned beneficially, directly or
      indirectly, by each selling
shareholder;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      maximum number of shares of common stock to be offered by each selling
      shareholder pursuant to this Reoffer Prospectus;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      number of shares of common stock to be owned by each selling shareholder
      following the sale of the shares pursuant
  hereto.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficial
ownership is determined in accordance with the rules of the Securities and
Exchange Commission (the &#8220;Commission&#8221;) and generally includes voting or
investment power with respect to securities and includes any securities which
the person has the right to acquire within 60 days through the conversion or
exercise of any security or other right.&#160;&#160;The information as to the
number of shares of our common stock owned by each selling shareholder is based
upon our books and records and the information provided by our transfer
agent.&#160;&#160;The inclusion in the table below of the individuals named
therein shall not be deemed to be an admission that any such individuals are our
&#8220;affiliates.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may
amend or supplement this Reoffer Prospectus from time to time to update the
disclosure set forth in the table.&#160;&#160;Because the selling shareholders
identified in the table may sell some or all of the shares owned by them which
are included in this Reoffer Prospectus, and because there are currently no
agreements, arrangements or understandings with respect to the sale of any such
shares, no estimate can be given as to the number of shares available for resale
hereby that will be held by the selling shareholders upon termination of the
offering made hereby.&#160;&#160;We have therefore assumed, for the purposes of
the following table, that the selling shareholders will (i) fully exercise all
options when vested, and (ii) sell all of the shares owned by them which are
being offered hereby (including pursuant to vested and unvested options included
herein), but will not sell any other shares of our common stock that they
presently own.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="15%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Selling
      Shareholder</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Position(s)
      with our company</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares
      Held Before the Offering</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares
      Being Offered (1)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Shares
      Held After the Offering</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Percentage
      of Shares Owned After Offering (2)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Frank
      C. Ingriselli</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President,
      Chief Executive Officer, Secretary and Director</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,952,915
      (3)</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">470,000
      (4)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3,753,579</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9.3%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Jamie
      Tseng</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Vice President</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">881,495
      (5)</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">219,000
      (6)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">799,895</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2.0%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Stephen
      F. Groth</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President and Chief Financial Officer</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">753,894
      (7)</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">211,400
      (8)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">673,000</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1.7%</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Elizabeth
      P. Smith</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">188,947</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,000
      (9)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">178,947</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Robert
      C. Stempel</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,000</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10,000
      (9)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Richard
      Grigg</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Managing
      Director, Beijing Office</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100,000</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">100,000
      (9)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Louis
      Ruggio</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consultant</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">400</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">400
      (9)</font></div>
            </td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0</font></div>
            </td>
            <td valign="top" width="15%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">*</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 108pt"></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Less
than 1%.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      share numbers under &#8220;Shares Held Before the Offering&#8221; and &#8220;Shares Held
      After the Offering&#8221; represent the number of shares beneficially owned by
      each selling shareholder. Because the numbers set forth under &#8220;Shares
      Being Offered&#8221; include shares that a shareholder may not yet be deemed to
      be the beneficial owner of (because the number may include shares issuable
      upon exercise of options that are not currently exercisable within 60
      days), the number of shares listed with respect to a selling shareholder
      under &#8220;Shares Being Offered&#8221; could exceed the number of shares shown as
      being owned by such shareholder under &#8220;Shares Held Before the Offering.&#8221;
      &#160;For the same reason, the number of shares set forth under &#8220;Shares
      Held After the Offering&#8221; may exceed&#160;the difference between the number
      of shares set forth under&#160;&#8220;Shares Held before the Offering&#8221; and under
      &#8220;Shares Being
Offered&#8221;.&#160;&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
      on 40,006,938 shares of common stock outstanding as of July 1, 2008, plus
      options issuable upon exercise of options currently exercisable within 60
      days with respect to each selling shareholder,
    respectively.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      (i) 3,793,579 shares of our common stock held directly by Mr. Ingriselli,
      (ii) options currently exercisable to acquire a total of up to 149,336
      shares of our common stock, and (iii) 5,000 shares of our common stock
      owned by Mr. Ingriselli&#8217;s daughter and 5,000 shares of our common stock
      owned by Mr. Ingriselli&#8217;s son.&#160;&#160;Does not include (i) 50,000
      shares of our common stock owned by Brightening Lives Foundation Inc., a
      charitable foundation run by Mr. Ingriselli, over which Mr. Ingriselli
      disclaims beneficial ownership, and (ii)&#160;up to 270,664 shares
      issuable upon exercise of options not exercisable within 60&#160;days of
      the date of this prospectus.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      (i) 80,000 shares of our common stock issuable upon exercise of options
      issued pursuant to our&#160;&#160;2007 Stock Plan, (ii) 50,000 shares of
      our restricted common stock issued pursuant to our&#160;&#160;2007 Stock
      Plan, and (iii) 340,000 shares of our common stock issuable upon exercise
      of options issued pursuant to an agreement entered into by and between Mr.
      Ingriselli and our company.&#160;&#160;A substantial portion of the
      options described in (i) and (iii) above remain subject to
      vesting.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      (i) 799,895 shares of our common stock held by Golden Ring International
      Consultants, a British Virgin Islands company wholly-owned by Mr. Tseng,
      and (ii) options to acquire up to 81,600 shares of our common
      stock.&#160;&#160;Excludes a total of 137,400 shares issuable upon
      exercise of options not exercisable within 60&#160;days of the date of
      this prospectus.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      (i) 15,000 shares of our common stock issuable upon exercise of options
      issued and outstanding pursuant to our 2007 Stock Plan, and (ii) 204,000
      shares of our common stock issuable upon exercise of options issued and
      outstanding pursuant to an agreement entered into by and between Mr. Tseng
      and our company. A substantial portion of the options described in (i) and
      (ii) above remain subject to
vesting.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 27pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      (i) 275,000 shares of our common stock held directly by Mr. Groth, (ii)
      options exercisable on September 29, 2007 for 62,560 shares of our common
      stock pursuant to an option grant exercisable for an aggregate of 156,400
      shares of our common stock that vests 40 percent on September 29, 2007,
      and 20 percent on September 29 of each year thereafter, (iii) options
      exercisable on December 17, 2007 for an aggregate of 3,334 shares of our
      common stock pursuant to an option grant exercisable for an aggregate of
      40,000 shares of our common stock that vests with respect to 3,334 shares
      on December 17, 2007, 16,666 shares on December 17, 2008, 8,000 shares on
      December 17, 2009, 8,000 shares on December 17, 2010, and 4,000 shares on
      December 17, 2011, and (iv) 413,000 shares of our common stock owned by
      Mr. Groth&#8217;s spouse.&#160;&#160;Excludes (i) 44,737 shares of our common
      stock owned by Mr. Groth&#8217;s adult son, (ii) 44,737 shares of our common
      stock owned by Mr. Groth&#8217;s adult daughter, (iii) 238,947 shares of our
      common stock owned by Mr. Groth&#8217;s brother, and (iv) 93,840 shares
      underlying options with an exercise price of $0.56 per share and 36,666
      shares underlying options with an exercise price of $6.00 per share which
      have not vested.</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      (i) 40,000 shares of our common stock issuable upon exercise of options
      issued and outstanding pursuant to our 2007 Stock Plan, (ii) 15,000 shares
      of our restricted common stock issued pursuant to our 2007 Stock Plan, and
      (iii) 156,400 shares of our common stock issuable upon exercise of options
      issued and outstanding pursuant to an agreement entered into by and
      between Mr. Groth and our company.&#160;&#160;A substantial portion of the
      options described in (i) and (iii) above remain subject to
      vesting.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
      restricted common stock of our company issued pursuant to our 2007 Stock
      Plan.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="planofdist">PLAN OF DISTRIBUTION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
to the foregoing, the selling shareholders may offer and sell the shares covered
by this prospectus at various times as described above. The selling shareholders
will act independently of our company in making decisions with respect to the
timing, manner and size of each sale. To our knowledge, no selling shareholder
has any agreement or understanding, directly or indirectly, with any person to
resell the common shares covered by this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since our
company does not currently meet the registrant requirements for use of Form S-3,
the amount of common shares which may be resold by means of this Reoffer
Prospectus by each of the selling shareholders who is an affiliate of our
company, and any other person with whom he or she is acting in
concert</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for the
purpose of selling securities of our company, must not exceed, in any three
month period, the amount specified in Rule 144(e) promulgated under the
Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Use
of Brokers, Dealers or Underwriters</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling shareholders may sell their common shares directly to purchasers or may
use brokers, dealers, underwriters or agents to sell their common shares.
Brokers or dealers engaged by the selling shareholders may arrange for other
brokers or dealers to participate. Brokers or dealers may receive commissions,
discounts or concessions from the selling shareholders, or, if any such
broker-dealer acts as agent for the purchaser of common shares, from the
purchaser in amounts to be negotiated immediately prior to the sale. The
compensation received by brokers or dealers may, but is not expected to, exceed
that which is customary for the types of transactions involved.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Broker-dealers
may agree with a selling shareholder to sell a specified number of common shares
at a stipulated price per common share, and, to the extent the broker-dealer is
unable to do so acting as agent for a selling shareholder, to purchase as
principal any unsold common shares at the price required to fulfill the
broker-dealer commitment to the selling shareholder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Broker-dealers
who acquire common shares as principal may thereafter resell the common shares
from time to time in transactions, which may involve block transactions and
sales to and through other broker-dealers, including transactions of the nature
described above, in the over-the-counter market or otherwise at prices and on
terms then prevailing at the time of sale, at prices then related to the
then-current market price or in negotiated transactions. In connection with
resales of the common shares, broker-dealers may pay to or receive from the
purchasers of shares commissions as described above. &#160; &#160; &#160;
&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If our
selling shareholders enter into arrangements with brokers or dealers, as
described above, we will be obligated to file a post-effective amendment to the
registration statement of which this prospectus forms a part, disclosing such
arrangements, including the names of any broker-dealers acting as
underwriters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
selling shareholders and any broker-dealers or agents that participate with the
selling shareholders in the sale of the common shares may be deemed to be
&#8220;underwriters&#8221; within the meaning of the Securities Act. In that event, any
commissions received by broker-dealers or agents and any profit on the resale of
the common shares purchased by them may be deemed to be underwriting commissions
or discounts under the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accordingly,
during such times as a selling shareholder may be deemed to be engaged in a
distribution of the common stock, and therefore be considered to be an
underwriter, the selling shareholder must comply with applicable law and, among
other things: &#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">may
      not engage in any stabilization activities in connection with our common
      stock;</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">may
      not cover short sales by purchasing shares while the distribution is
      taking place; and</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 72pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">may
      not bid for or purchase any of our securities or attempt to induce any
      person to purchase any of our securities other than as permitted under the
      Exchange Act.</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, we will make copies of this prospectus available to the selling
shareholders for the purpose of satisfying the prospectus delivery requirements
of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
Pursuant to Rule 144</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
common shares covered by this prospectus which qualify for sale pursuant to Rule
144 under the Securities Act may be sold under Rule 144 rather than pursuant to
this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="legal">LEGAL MATTERS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
validity of the shares being offered hereby has been passed upon for us by
TroyGould PC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="expertsmtl">EXPERTS</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
consolidated financial statements of Pacific Asia Petroleum, Inc. and
subsidiaries for the years ended December 31, 2007 and 2006, and the period from
inception (August 25, 2005) through December 31, 2005, have been audited by
RBSM, LLP, independent registered public accounting firm, as set forth in their
report thereon, included in our Annual Report on Form 10-K for the year ended
December 31, 2007, and incorporated herein by reference in reliance upon the
authority of such firm as experts in auditing and accounting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="mtlchng">MATERIAL CHANGES</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
have been no material changes in our affairs since the end of our last fiscal
year on December 31, 2007, other than those changes that have been described in
our Annual Reports on Form 10-K and Form 10-K/A for the fiscal year then ended,
in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K that
we have filed with the Commission.&#160;&#160;See below under &#8220;Where You Can
Find More Information&#8221; for an explanation of where you can view our filings with
the Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="incref">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Commission allows us to &#8220;incorporate by reference&#8221; certain of our publicly-filed
documents into this Reoffer Prospectus, which means that information included in
these documents is considered part of this Reoffer
Prospectus.&#160;&#160;Information that we file with the Commission subsequent
to the date of this Reoffer Prospectus will automatically update and supersede
this information.&#160;&#160;We incorporate by reference the documents listed
below and any future filings made with the Commission under Section 13(a),
13(c), 14 or 15(d) of the Exchange Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
following documents filed with the Commission are incorporated by reference into
this Reoffer Prospectus:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Annual Reports on Form 10-K and Form 10-K/A for the period ended December
      31, 2007, which are our latest annual reports filed pursuant to Section
      13(a) of the Exchange Act;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Quarterly Report on Form 10-Q for the period ended March 31, 2008, which
      is our latest quarterly report filed pursuant to Section 13(a) of the
      Exchange Act;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Current Reports on Form 8-K, as filed with the Commission on April 3,
      2008, April 8, 2008, April 25, 2008, and May 9, 2008;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      description of our common stock as set forth under the caption
      &#8220;Description of Securities&#8221; in our registration statement on Form 10-SB/A,
      File No. 000-52770, as filed with the Commission on November 20, 2007, and
      any other amendments or reports thereto filed with the Commission for the
      purpose of updating such
description.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act after the date of this Reoffer Prospectus and prior to the
termination of this offering shall be deemed to be incorporated by reference in
this Reoffer Prospectus and to be a part hereof from the date of filing of such
documents.&#160;&#160;Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Reoffer Prospectus to the extent that a
statement contained herein or in any other subsequently filed document which is
deemed to be incorporated by reference</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">herein
modifies or supersedes such earlier statement.&#160;&#160;Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Reoffer Prospectus or any prospectus
supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We will
provide without charge to you, on written or oral request, a copy of any or all
of the foregoing documents incorporated herein by reference (other than exhibits
to such documents, except for exhibits that are incorporated by
reference).&#160;&#160;You should direct any requests for any such documents to
250 East Hartsdale Avenue, Suite 47, Hartsdale, New York 10530,
Attention:&#160;&#160;Corporate Secretary.&#160;&#160;Our telephone number at
that address is (914) 472-6070.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="moreinfo">WHERE YOU CAN FIND MORE INFORMATION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
filed with the Commission a registration statement on Form S-8 under the
Securities Act with respect to the shares of common stock offered
hereby.&#160;&#160;This Reoffer Prospectus does not contain all of the
information set forth in the registration statement and the exhibits
thereto.&#160;&#160;You can find additional information regarding us and the
common stock in the registration statement and the
exhibits.&#160;&#160;Statements contained in this Reoffer Prospectus regarding
the contents of any contract or any other document to which reference is made
are not necessarily complete, and, in each instance where a copy of such
contract or other document has been filed as an exhibit to the registration
statement, reference is made to the copy so filed, each such statement being
qualified in all respects by such reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
subject to the information requirements of the Exchange Act, and, in accordance
therewith, file reports and other information with the
Commission.&#160;&#160;The registration statement, including exhibits, and the
reports and other information filed by us can be inspected without charge at the
Public Reference Room maintained by the Commission at 100 F. Street N.E., Room
1580, Washington, D.C., 20549.&#160;&#160;Copies of such material can be
obtained from such offices at fees prescribed by the Commission.&#160;&#160;The
public may obtain information on the operation of the Public Reference Room by
calling the Commission at 1-800-SEC-0330.&#160;&#160;The Commission maintains an
Internet site that contains reports, proxy and information statements and other
information regarding registrants that file electronically with the
Commission.&#160;&#160;The address of this site is
http://www.sec.gov.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="disclosecom">DISCLOSURE OF COMMISSION POSITION ON</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
Section 145 of the Delaware General Corporation Law (the &#8220;DGCL&#8221;), our company
has broad powers to indemnify our directors and officers against liabilities
they may incur in such capacities, including liabilities under the Securities
Act.&#160;&#160;Our Bylaws provide that, to the fullest extent permitted by law,
we shall indemnify and hold harmless any person who was or is made or is
threatened to be made a party or is otherwise involved in any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative by reason of the fact that such person, or the
person for whom he is the legally representative, is or was a director or
officer of our company, against all liabilities, losses, expenses (including
attorney&#8217;s fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such
proceeding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
Certificate of Incorporation provides for the indemnification of, and
advancement of expenses to, such agents of our company (and any other persons to
which Delaware law permits our company to provide indemnification) through Bylaw
provisions, agreements with such agents or other persons, vote of stockholders
or disinterested directors or otherwise, in excess of the indemnification and
advancement otherwise permitted under Section 145 of the DGCL, subject only to
limits created by applicable Delaware law (statutory or non-statutory), with
respect to actions for breach of duty to our company, our stockholders and
others. The provision does not affect directors&#8217; responsibilities under any
other laws, such as the federal securities laws or state or federal
environmental laws. We have entered into indemnification agreements with certain
of our current executive officers and directors, and intend to enter into
agreements with our future</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">directors
and executive officers, that require us to indemnify such persons to the fullest
extent permitted by law, against expenses, judgments, fines, settlements and
other amounts incurred (including attorneys&#8217; fees), and advance expenses if
requested by such person, in connection with investigating, defending, being a
witness in, participating, or preparing for any threatened, pending, or
completed action, suit, or proceeding or any alternative dispute resolution
mechanism, or any inquiry, hearing, or investigation (collectively, a
&#8220;Proceeding&#8221;), relating to any event or occurrence that takes place either prior
to or after the execution of the indemnification agreement, related to the fact
that such person is or was a director or officer of our company, or while a
director or officer is or was serving at the request of our company as a
director, officer, employee, trustee, agent, or fiduciary of another foreign or
domestic corporation, partnership, joint venture, employee benefit plan, trust,
or other enterprise, or was a director, officer, employee, or agent of a foreign
or domestic corporation that was a predecessor corporation of our company or of
another enterprise at the request of such predecessor corporation, or related to
anything done or not done by such person in any such capacity, whether or not
the basis of the Proceeding is alleged action in an official capacity as a
director, officer, employee, or agent or in any other capacity while serving as
a director, officer, employee, or agent of our company. Indemnification is
prohibited on account of any Proceeding in which judgment is rendered against
such persons for an accounting of profits made from the purchase or sale by such
persons of securities of our company pursuant to the provisions of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or similar provisions of any
federal, state, or local laws. The indemnification agreements also set forth
certain procedures that will apply in the event of a claim for indemnification
thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We may
purchase and maintain insurance on behalf of any person who is or was a
director, officer or employee of our company, or is or was serving at our
request as a director, officer, employee or agent of another company,
partnership, joint venture, trust or other enterprise against liability asserted
against him and incurred by him in any such capacity, or arising out of his
status as such, whether or not we would have the power to indemnify him against
liability under the provisions of this section. We currently maintain an
Executive and Organization Liability Insurance Policy issued by Illinois
National Insurance Company, a member company of American International Group,
Inc. (&#8220;AIG&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The right
of any person to be indemnified is subject always to the right of our company by
our Board of Directors, in lieu of such indemnity, to settle any such claim,
action, suit or proceeding at our expense by the payment of the amount of such
settlement and the costs and expenses incurred in connection
therewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted for our directors, officers and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.&#160;&#160;In the event that a
claim for indemnification against such liabilities (other than the payment by us
for expenses incurred or paid by a director, officer or controlling person in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether our indemnification is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of the
issue by the court.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PART
II</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.&#160;&#160;Incorporation of Documents by Reference</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have
filed the following documents with the Securities and Exchange Commission (the
&#8220;Commission&#8221;), each of which is incorporated herein by reference:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Annual Reports on Form 10-K and Form 10-K/A for the period ended December
      31, 2007, which are our latest annual reports filed pursuant to Section
      13(a) of the Exchange Act;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Quarterly Report on Form 10-Q for the period ended March 31, 2008, which
      is our latest quarterly report filed pursuant to Section 13(a) of the
      Exchange Act;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      Current Reports on Form 8-K, as filed with the Commission on April 3,
      2008, April 8, 2008, April 25, 2008, and May 9, 2008;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      description of our common stock as set forth under the caption
      &#8220;Description of Securities&#8221; in our registration statement on Form 10-SB/A,
      File No. 000-52770, as filed with the Commission on November 20, 2007, and
      any other amendments or reports thereto filed with the Commission for the
      purpose of updating such
description.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition, all documents filed subsequent to the date of this Registration
Statement by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act, as amended, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date
of the filing of such documents.&#160;&#160;&#160;Any statement contained in a
document deemed to be incorporated herein by reference shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent
that a statement contained in any other subsequently filed document which also
is deemed to be incorporated by reference herein modifies or supersedes such
statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
4.&#160;&#160;Description of Securities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
5.&#160;&#160;Interests of Named Experts and Counsel</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
6.&#160;&#160;Indemnification of Directors and Officers</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
Section 145 of the Delaware General Corporation Law (the &#8220;DGCL&#8221;), our company
has broad powers to indemnify its directors and officers against liabilities
they may incur in such capacities, including liabilities under the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;). Our Bylaws provide that, to the
fullest extent permitted by law, our company shall indemnify and hold harmless
any person who was or is made or is threatened to be made a party or is
otherwise involved in any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative by reason
of the fact that such person, or the person for whom he is the legally
representative, is or was a director or officer of our company, against all
liabilities, losses, expenses (including attorney&#8217;s fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person in
connection with such proceeding.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
Certificate of Incorporation provides for the indemnification of, and
advancement of expenses to, such agents of our company (and any other persons to
which Delaware law permits our company to provide indemnification) through Bylaw
provisions, agreements with such agents or other persons, vote of stockholders
or disinterested directors or otherwise, in excess of the indemnification and
advancement otherwise permitted under Section 145 of the DGCL, subject only to
limits created by applicable Delaware law (statutory or non-statutory), with
respect to actions for breach of duty to our company, its stockholders and
others. The provision does not affect directors&#8217; responsibilities under any
other laws, such as the federal securities laws or state or federal
environmental laws. Our company has entered into indemnification agreements with
certain of its current executive officers and directors, and intends to enter
into agreements with its future directors and executive officers, that require
our company to indemnify such persons to the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fullest
extent permitted by law, against expenses, judgments, fines, settlements and
other amounts incurred (including attorneys&#8217; fees), and advance expenses if
requested by such person, in connection with investigating, defending, being a
witness in, participating, or preparing for any threatened, pending, or
completed action, suit, or proceeding or any alternative dispute resolution
mechanism, or any inquiry, hearing, or investigation (collectively, a
&#8220;Proceeding&#8221;), relating to any event or occurrence that takes place either prior
to or after the execution of the indemnification agreement, related to the fact
that such person is or was a director or officer of our company, or while a
director or officer is or was serving at the request of our company as a
director, officer, employee, trustee, agent, or fiduciary of another foreign or
domestic corporation, partnership, joint venture, employee benefit plan, trust,
or other enterprise, or was a director, officer, employee, or agent of a foreign
or domestic corporation that was a predecessor corporation of our company or of
another enterprise at the request of such predecessor corporation, or related to
anything done or not done by such person in any such capacity, whether or not
the basis of the Proceeding is alleged action in an official capacity as a
director, officer, employee, or agent or in any other capacity while serving as
a director, officer, employee, or agent of our company. Indemnification is
prohibited on account of any Proceeding in which judgment is rendered against
such persons for an accounting of profits made from the purchase or sale by such
persons of securities of our company pursuant to the provisions of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or similar provisions of any
federal, state, or local laws. The indemnification agreements also set forth
certain procedures that will apply in the event of a claim for indemnification
thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
company may purchase and maintain insurance on behalf of any person who is or
was a director, officer or employee of our company, or is or was serving at the
request of our company as a director, officer, employee or agent of another
company, partnership, joint venture, trust or other enterprise against liability
asserted against him and incurred by him in any such capacity, or arising out of
his status as such, whether or not our company would have the power to indemnify
him against liability under the provisions of this section. Our company
currently maintains an Executive and Organization Liability Insurance Policy
issued by Illinois National Insurance Company, a member company of American
International Group, Inc. (&#8220;AIG&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The right
of any person to be indemnified is subject always to the right of our company by
its Board of Directors, in lieu of such indemnity, to settle any such claim,
action, suit or proceeding at the expense of our company by the payment of the
amount of such settlement and the costs and expenses incurred in connection
therewith.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted for our directors, officers and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.&#160;&#160;In the event that a
claim for indemnification against such liabilities (other than the payment by us
for expenses incurred or paid by a director, officer or controlling person in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether our indemnification is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of the
issue by the court.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
7.&#160;&#160;Exemption from Registration Claimed</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
shares being offered pursuant to this registration statement were initially
issued pursuant to the exemption from registration provided by Section 4(2) of
the Securities Act of 1933, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt">The following exhibits are filed with
this registration statement or are incorporated by reference as a part of this
registration statement:</font>&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
            </td>
            <td valign="top" width="73%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amended
      and Restated Certificate of Incorporation of the Company (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.2</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bylaws
      of the Company (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.3</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Specimen
      of Common Stock Certificate (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.4</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
      2007 Stock Plan (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.5</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
      2007 Stock Plan form Stock Option Agreement (previously filed by the
      Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.6</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
      2007 Stock Plan form Restricted Stock Purchase Agreement (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.7</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Employment Agreement, dated September 29, 2006, by and between Frank C.
      Ingriselli and the Company (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.8</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Employment Agreement, dated September 29, 2006, by and between Stephen F.
      Groth and the Company (previously filed by the Company on August 15, 2007
      as an exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.9</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex4-9.htm">Letter Agreement, dated October 12, 2006, by and between
      Douglas Hoffmann and the Company (included with this registration
      statement).</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.10</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex4-10.htm">Letter Agreement, dated October 12, 2006, by and between
      Shaoxiong Huang and the Company (included with this registration
      statement).</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.11</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex4-11.htm">Letter Agreement, dated October 12, 2006, by and between
      Jamie Tseng and the Company (included with this registration
      statement).</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex5-1.htm">Opinion of TroyGould PC (included with this registration
      statement).</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex23-1.htm">Consent of RBSM LLP (included with this registration
      statement).</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.2</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="ex5-1.htm">Consent of TroyGould PC (included in the opinion filed as
      Exhibit 5.1).</a></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">24.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><a href="#signatures">Power of Attorney (included on the signature page of
      this registration statement).</a></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Undertakings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To file,
during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration
statement.&#160;&#160;Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &#8220;Calculation of
Registration Fee&#8221; table in the effective registration statement;
and</font></div>
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include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">However,
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Company
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That, for
the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof;
and</font></div>
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from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the
offering.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That, for
the purposes of determining any liability under the Securities Act, each filing
of the Company&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering
thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Company
pursuant to the foregoing provisions, or otherwise, the Company has been advised
that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable.&#160;&#160;In the event that a claim for indemnification against
such liabilities (other than the payment by the Company of expenses incurred or
paid by a director, officer or controlling person of the Company in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, our company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18</font></div>
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</font></div>
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to the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Hartsdale, New
York, on July 1, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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OF ATTORNEY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
person whose signature appears below constitutes and appoints Frank C.
Ingriselli as his or her true and lawful attorney-in-fact and agent, with full
power of substitution, for him or her in any and all capacities, to sign this
registration statement on Form S-8 and any amendments hereto (including
post-effective amendments), and to file the same, with all exhibits thereto and
other documents in connection therewith, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as he or she might do or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may do or cause to be done by virtue of this power of
attorney.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the dates
indicated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          <tr>
            <td align="left" valign="top" width="4%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          </tr>
          <tr>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
          <tr>
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="top" width="10%">
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            </td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="top" width="10%" style="PADDING-BOTTOM: 2px">
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      1, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Laird
      Q. Cagan</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="34%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Elizabeth P. Smith</font></font></div>
            </td>
            <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" rowspan="2" valign="top" width="44%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
            <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="10%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July
      1, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Elizabeth
      P. Smith</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="34%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">/s/ Robert C. Stempel</font></font></div>
            </td>
            <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="44%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Director</font></div>
            </td>
            <td valign="top" width="4%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="10%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">July
      1, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Robert
      C. Stempel</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="44%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="9%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Number</font></div>
            </td>
            <td valign="top" width="73%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Amended
      and Restated Certificate of Incorporation of the Company (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.2</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bylaws
      of the Company (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.3</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Specimen
      of Common Stock Certificate (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.4</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
      2007 Stock Plan (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.5</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
      2007 Stock Plan form Stock Option Agreement (previously filed by the
      Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.6</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Company
      2007 Stock Plan form Restricted Stock Purchase Agreement (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.7</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Employment Agreement, dated September 29, 2006, by and between Frank C.
      Ingriselli and the Company (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.8</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Executive
      Employment Agreement, dated September 29, 2006, by and between Stephen F.
      Groth and the Company (previously filed by the Company on August 15, 2007
      as an exhibit to its Form 10-SB and incorporated herein by
      reference).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.9</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Letter
      Agreement, dated October 12, 2006, by and between Douglas Hoffmann and the
      Company (included with this registration statement).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.10</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Letter
      Agreement, dated October 12, 2006, by and between Shaoxiong Huang and the
      Company (included with this registration statement).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">4.11</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Letter
      Agreement, dated October 12, 2006, by and between Jamie Tseng and the
      Company (included with this registration statement).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">5.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Opinion
      of TroyGould PC (included with this registration
    statement).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent
      of RBSM LLP (included with this registration
statement).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">23.2</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Consent
      of TroyGould PC (included in the opinion filed as Exhibit
      5.1).</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">24.1</font></div>
            </td>
            <td align="left" valign="top" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Power
      of Attorney (included on the signature page of this registration
      statement).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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{"company-data": {"conformed-name": "Pacific Asia Petroleum Inc", "cik": "0001402281", "assigned-sic": "1381", "irs-number": "300349798"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-152061", "film-number": "08929718"}, "business-address": {"street1": "250 East Hartsdale Ave", "city": "Hartsdale", "state": "NY", "zip": "10530", "phone": "914-472-6070"}, "mail-address": {"street1": "250 East Hartsdale Ave", "city": "Hartsdale", "state": "NY", "zip": "10530"}}
forms8.htm
As
filed with the Securities and Exchange Commission on July 1,
2008.       File No. 000-52770
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
________________
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
─────────────────────────
PACIFIC
ASIA PETROLEUM, INC.
(Exact
name of registrant as specified in its charter)
Delaware
(State
      or other jurisdiction of
incorporation
      or organization)
30-0349798
(
I.R.S.
      Employer
Identification
      No.)
250
East Hartsdale Ave., Suite 47
Hartsdale,
New York 10530
(Address
of principal executive offices)
─────────────────────────
Pacific
Asia Petroleum, Inc. 2007 Stock Plan
Restricted
Stock Issued Pursuant to 2007 Stock Plan
Non-Plan
Options Granted Pursuant to Employment Agreements
(Full
title of the plans)
─────────────────────────
Frank
      C. Ingriselli
President
      and Chief Executive Officer
Pacific
      Asia Petroleum, Inc.
250
      Hartsdale Ave., Suite 47
Hartsdale,
      New York 10530
(Name and address of agent
      for service
)
(914)
      472-6070
(Telephone
      number, including area code, of agent for service)
Copy
      to:
Lawrence
      Schnapp, Esq.
TroyGould
      PC
1801
      Century Park East, Suite 1600
Los
      Angeles, California 90067
(310)
      789-1269
CALCULATION
OF REGISTRATION FEE
Title
      of securities to be registered
Amount
      to be
registered
Proposed
      maximum offering price per share
Proposed
      maximum aggregate offering price
Amount
      of
registration
      fee
Common
      Stock, par value $0.001 per share
(1)(6)
3,644,600
      shares
$18.50
$67,425,100
$2,649.81
Common
      Stock, par value $0.001 per share
(2)(6)
170,000
      shares
$6.00
$1,020,000
$40.09
Common
      Stock, par value $0.001 per share
(3)(6)
175,400
      shares
$6.00
$1,052,400
$41.36
Common
      Stock, par value $0.001 per share
(4)(6)
10,000
      shares
$12.50
$125,000
$4.91
Common
      Stock, par value $0.001 per share
(5)(6)
775,200
      shares
$0.56
$434,112
$17.06
Total
4,775,200
      shares
--
$70,056,612.00
$2,753.23
(1)
Represents
      shares reserved for issuance pursuant to future awards under the 2007
      Stock Plan.  The proposed maximum offering price per share and
      maximum aggregate offering price for these shares were estimated pursuant
      to Rule 457(c) of the Securities Act of 1933 on the basis of the $18.50
      average of the high and low trading prices of the registrant's common
      stock as reported on the OTC Bulletin Board on June 27,
    2008.
(2)
Represents
      shares issuable upon exercise of outstanding options issued to employees
      and consultants of the Company under the 2007 Stock Plan on December 17,
      2007 with an exercise price of $6.00 per
share.
(3)
Represents
      shares of restricted stock issued to certain employees and consultants of
      the Company under the 2007 Stock Plan on December 17, 2007 at $6.00 per
      share.
(4)
Represents
      shares of restricted stock issued to Robert C. Stempel, a director of the
      Company, under the 2007 Stock Plan on February 11, 2008 at $12.50 per
      share.
(5)
Represents
      shares issuable upon the exercise of outstanding options under non-plan
      option grants pursuant to agreements with certain employees and
      consultants of the Company with an exercise price of $0.56 per
      share.
(6)
Pursuant
      to Rule 416(a) of the Securities Act of 1933, this registration statement
      covers, in addition to the shares of common stock specified above, an
      indeterminate number of additional shares of common stock that may become
      issuable as a result of the stock splits, stock dividends and similar
      transactions.
1
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
This
Registration Statement relates to two separate prospectuses:
·
Section
      10(a) Prospectus:  Items 1 and 2 of Part I, and the documents
      incorporated by reference in response to Item 3 of Part II, of this
      Registration Statement, constitute a prospectus meeting the requirements
      of Section 10(a) of the Securities Act of 1933, as amended (the
      "Securities Act"), relating to the issuance of (i) up to 3,644,600 shares
      of our common stock issuable pursuant to the 2007 Stock Plan as restricted
      stock and/or upon exercise of options issued thereunder, (ii) 170,000
      shares of our common stock issuable upon exercise of currently issued and
      outstanding options issued pursuant to the 2007 Stock Plan, and (iii)
      775,200 shares of our common stock issuable upon exercise of currently
      issued and outstanding options issued pursuant to agreements outside of
      the 2007 Stock Plan.
·
Reoffer
      Prospectus:  The material that follows Item 2 of Part I, up to,
      but not including, Part II of this Registration Statement, of which the
      prospectus is a part, constitutes a "Reoffer Prospectus" prepared in
      accordance with the requirements of Part I of Form S-3 under the
      Securities Act.  Pursuant to Instruction C of Form S-8, the
      Reoffer Prospectus may be used for reoffers or resales of shares which are
      deemed to be "restricted securities" or "control securities" under the
      Securities Act and which have been acquired by, or may be acquired upon
      exercise of options held by, the selling stockholders named in the Reoffer
      Prospectus, specifically (i) 185,400 shares of restricted common stock
      issued and outstanding under the 2007 Stock Plan, (ii) 135,000 shares of
      our common stock issuable upon exercise of currently issued and
      outstanding options issued pursuant to the 2007 Stock Plan held by
      "affiliates" of our company within the meaning of the federal securities
      laws, and (iii) 700,400 shares of our common stock issuable upon exercise
      of currently issued and outstanding options issued pursuant to agreements
      outside of the 2007 Stock Plan held by "affiliates" of our
      company.
Item
1.                      Plan
Information.
This
Registration Statement on Form S-8 is being filed to register (i) 3,644,600
shares of the common stock, par value $0.001 per share, of Pacific Asia
Petroleum, Inc., which have been reserved for issuance under the Pacific Asia
Petroleum, Inc. 2007 Stock Plan (the "Plan"),  (ii) 170,000 shares of
the common stock, par value $0.001 per share, of Pacific Asia Petroleum, Inc.,
which are issuable upon exercise of currently issued and outstanding options
issued pursuant to the Plan, and (iii) 775,200 shares of the common stock, par
value $0.001 per share, of Pacific Asia Petroleum, Inc., which are issuable upon
exercise of currently issued and outstanding options issued pursuant to
agreements outside of the Plan.
The
documents containing the information specified in Part I will be sent or given
to eligible participants in the Plan and to recipients of non-Plan options as
specified by Rule 428(b)(1) of the Securities Act.  Such documents are
not being filed with the Securities and Exchange Commission (the "SEC") either
as part of this Registration Statement or as prospectus supplements pursuant to
Rule 424 of the Securities Act.  These documents and the documents
incorporated by reference in this Registration Statement pursuant to Item 3 of
Part II hereof, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
Item
2.                      Registrant
Information and Employee Plan Annual Information.
We will
provide, without charge, upon written or oral request, the documents
incorporated by reference in Item 3 of Part II of this Registration
Statement.  These documents are incorporated by reference in the
Section 10(a) prospectus.  We will also provide without charge, upon
written or oral request, all other
2
documents
required to be delivered to recipients pursuant to Rule 428(b) of the Securities
Act.  Any and all such requests shall be directed to us at our
principal office by telephone at 914-472-6070, or mail at 250 East Hartsdale
Ave., Suite 47, Hartsdale, New York, 10530,
Attention:  Secretary.
3
REOFFER
PROSPECTUS
1,020,800
SHARES OF COMMON STOCK OF
PACIFIC
ASIA PETROLEUM, INC.
This
Reoffer Prospectus relates to the proposed resale from time to time of up to an
aggregate of 1,020,800 shares of common stock, par value $0.001 per share, of
Pacific Asia Petroleum, Inc., (i) 185,400 of which were issued under our 2007
Stock Plan (the "Plan"), (ii) 135,000 of which are issuable upon exercise of
options previously issued under the Plan to "affiliates" of our company within
the meaning of the federal securities laws, and (iii) 700,400 of which are
issuable upon exercise of options previously issued under agreements to
affiliates of our company.
If,
subsequent to the date of this Reoffer Prospectus, we grant any further awards
under the Plan to any eligible participants who are affiliates of our company,
we will supplement this Reoffer Prospectus with the names of such affiliates and
the amounts of securities to be reoffered by them as selling
shareholders.
It is
anticipated that the selling shareholders will offer shares of our common stock
for sale at prevailing prices on either the Pink Sheets or the OTC Bulletin
Board, or such other market as the common stock may then be traded on the date
of sale.  We will receive no part of the proceeds from any sales made
under this Reoffer Prospectus.  However, if options are exercised in
order to purchase shares of our common stock registered under the registration
statement of which this Reoffer Prospectus is a part, we will receive the
proceeds from payment of the option exercise price, except in an instance of a
cashless exercise.  Selling shareholders who are our affiliates may
not sell an amount of shares which exceeds in any three month period the amount
specified in Rule 144(e) of the Securities Act of 1933, as amended (the
"Securities Act").
Our
common stock is currently quoted on the OTC Bulletin Board under the symbol
"PFAP.OB."  The closing bid price on June 27, 2008 reported by the OTC
Bulletin Board was $18.25 per share of common stock.
The
selling shareholders may sell their shares of our common stock by means of this
Reoffer Prospectus and any applicable prospectus supplement, or they may decide
to sell them by other means, including pursuant to Rule 144 under the Securities
Act; however, they are not obligated to sell their shares at all.  The
selling shareholders may sell their shares of our common stock from time to time
in one or more types of transactions (which may include block transactions) in
the over-the-counter market, in negotiated transactions, through put or call
option transactions relating to the common stock, through short sales of common
stock, or a combination of such methods of sale, at market prices prevailing at
the time of sale, at prices related to such market prices, at negotiated prices,
or at fixed prices.  The selling shareholders may sell their shares of
common stock directly to purchasers, in private transactions, or through agents,
underwriters or broker-dealers.  The selling shareholders will pay any
applicable underwriting discounts, selling commissions and transfer
taxes.  We will pay all other expenses incident to the registration of
shares of our common stock pursuant hereto.  The selling shareholders
and any broker-dealers, agents or underwriters that participate in the
distribution of shares of our common stock may be deemed to be "underwriters"
within the meaning of the Securities Act, and any commission received by them
and any profit from the resale of shares of our common stock purchased by them
may be deemed to be underwriting commissions or discounts under the Securities
Act.
An
investment in our securities involves a high degree of risk.  You
should purchase our securities only if you can afford a complete loss of your
investment.  See "Risk Factors" on page 7.
Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or determined if this prospectus is
truthful or complete.  Any representation to the contrary is a
criminal offense.
4
This
prospectus does not constitute an offer to sell shares in any state to any
person to whom it is unlawful to make such offer in such state.
The date
of this Reoffer Prospectus is July 1, 2008
TABLE
OF CONTENTS
Prospectus Summary
6
Risk Factors
7
Use of Proceeds
7
Determination of Offering Price
7
Dilution
7
Selling Shareholders
7
Plan of Distribution
10
Legal Matters
12
Experts
12
Material Changes
12
Incorporation of Certain Information By
      Reference
12
Where You Can Find More Information
13
Disclosure of Commission Position on Indemnification
      for Securities Act Liabilities
13
5
PROSPECTUS SUMMARY
This
Reoffer Prospectus relates to the proposed offer and resale from time to time by
certain of our employees, directors, consultants and executive officers for
their own account, of an aggregate of 1,020,800 shares of our common stock, par
value $0.001 per share, (i) 185,400 of which are issued under our 2007 Stock
Plan (the "Plan"), (ii) 135,000 of which are issuable upon exercise of options
previously issued pursuant to the Plan to "affiliates" of our company within the
meaning of the federal securities laws, and (iii) 700,400 of which are issuable
upon exercise of options previously issued under agreements outside of the Plan
to affiliates of our company.
Our
Business
We are a
development stage company formed to develop new energy ventures, directly and
through joint ventures and other partnerships in which it may participate.
Members of our senior management team have experience in the fields of petroleum
engineering, geology, field development and production, operations,
international business development, and finance. Several members of our
management team have held management and executive positions with Texaco Inc.
and have managed energy projects in the People's Republic of China and elsewhere
in Asia and other parts of the world. Members of our management team also have
experience in oil drilling, operations, geological, engineering and sales in
China's energy sector. Our current operations consist of the drilling of oil
wells in recently discovered fields in Inner Mongolia, China. We also are a
party to several agreements and letters of intent relating to additional
projects, including an Agreement for Joint Cooperation, which we signed with
China United Coalbed Methane Co., Ltd. ("CUCBM") (the Chinese
Government-designated company holding exclusive rights to negotiate with foreign
companies with respect to coal bed methane ("CBM") production in China). This
agreement grants us the exclusive rights to a large contract area for CBM
production located in the Shanxi Province of China (the "CUCBM Contract Area"),
with an option to convert such arrangement into a production sharing contract
("PSC").  On October 26, 2007, Pacific Asia Petroleum, Ltd. ("PAPL"),
a wholly-owned subsidiary of our company, entered into a PSC with CUCBM for the
exploitation of CBM resources in the CUCBM Contract Area.
In
September 2007, we entered into four asset transfer agreements, as amended in
April 2008 (the "Chevron Agreements") with ChevronTexaco China Energy Company
("ChevronTexaco") for the purchase by us of participating interests held by
ChevronTexaco in production sharing contracts in respect of four CBM and tight
gas sand resource blocks located in the Shanxi Province of China with an
aggregate contract area of approximately 1.5 million acres. The aggregate base
purchase price for all of the participating interests is $50,000,000, subject to
certain income and expense adjustments prior to closing.  We have paid
to ChevronTexaco a $3,050,000 deposit toward the purchase price, which is
refundable if the Chevron Agreements are terminated under certain conditions.
The closing of the asset transfers contemplated pursuant to the Chevron
Agreements is contingent upon a number of conditions precedent, including the
waiver by certain third parties of their pre-emptive rights to acquire the
participating interests, and consenting to such transfer of ChevronTexaco's
interests to our company, and the approval of certain related agreements by the
PRC Ministry of Land and Natural Resources and the assignment of ChevronTexaco's
participating interest by the PRC Ministry of Commerce.  We will be
required to raise additional capital to consummate the purchase of the
ChevronTexaco participating interests as contemplated pursuant to the Chevron
Agreements, which we may not be able to accomplish on terms satisfactory to us,
when required pursuant to the Chevron Agreements, or at all.
To date,
although we have not yet generated any meaningful revenue, we have raised
approximately $21.6 million in equity financings to fund our ongoing working
capital requirements as well as possible acquisition and development activities.
In order to fully implement our business strategy, including the consummation of
the asset transfers contemplated pursuant to the Chevron Agreements, however, we
will need to raise significant additional capital. In the event we are unable to
raise such capital on satisfactory terms or in a timely manner, we would be
required to revise our business plan and possibly cease operations
completely.
6
Corporate
Organization
We were
incorporated in the State of Delaware in 1979 under the name "Gemini Marketing
Associates, Inc." In 1994, we changed our name from "Gemini Marketing
Associates, Inc." to "Big Smith Brands, Inc.," in 2006 we again changed our name
to "Pacific East Advisors, Inc.," and in 2007 we again changed our name to
"Pacific Asia Petroleum, Inc." As Big Smith Brands, Inc., we operated as an
apparel company engaged primarily in the manufacture and sale of work apparel,
and were listed on the Nasdaq Stock Market's Small-Cap Market from 1995 until
December 4, 1997, and the Pacific Stock Exchange from 1995 until April 1,
1999.  In 1999, we sold all of our assets related to our workwear
business to Walls Industries, Inc., and in 1999 filed for voluntary bankruptcy
under Chapter 11 of the United States Bankruptcy Code. The final bankruptcy
decree was entered on August 8, 2001, and thereafter we had no business
operations and only nominal assets until May 2007, when we consummated the
mergers of Inner Mongolia Production Company LLC ("IMPCO") and Advanced Drilling
Services, LLC ("ADS") into wholly-owned subsidiaries of our
company.
Our
executive offices are located at 250 East Hartsdale Ave., Suite 47, Hartsdale,
New York 10530. We also have an office located in Beijing, China. PAP may be
contacted by telephone at (914) 472-6070, and its website is
www.papetroleum.com
.
RISK FACTORS
An
investment in our securities is very speculative and involves a high degree of
risk.  Before deciding to invest in our common stock, you should
carefully consider the risk factors incorporated by reference to our most recent
Annual Report on Form 10-K and Form 10-K/A and the information contained in this
prospectus, as updated by our subsequent filings under the Securities Exchange
Act of 1934, as amended.  Additional risks not currently known to us
or those we currently deem to be immaterial may also materially and adversely
affect our business operations.  If you decide to acquire our
securities, you should be able to afford a complete loss of your
investment.
USE
OF PROCEEDS
We will
not receive any proceeds from the offering.  However, if any of the
selling shareholders were to exercise options granted to them to acquire shares
of our common stock to be resold pursuant to this Reoffer Prospectus, we would
receive the option exercise price with respect thereto, except in an instance of
a cashless exercise.
DETERMINATION
OF OFERING PRICE
The
selling shareholders may sell the shares of common stock issued to them from
time-to-time at prices and at terms then prevailing or at prices related to the
current market price, or in negotiated transactions.
DILUTION
Because
the selling shareholders who offer and sell shares of common stock covered by
this Reoffer Prospectus may do so at various times, at prices and at terms then
prevailing or at prices related to the then current market price, or in
negotiated transactions, we have not included in this Reoffer Prospectus
information about the dilution (if any) to the public resulting from these
sales.
SELLING SHAREHOLDERS
All of
the shares of our common stock registered for sale under this Reoffer Prospectus
will be owned, prior to the offer and sale of such shares, by certain of our
employees, directors, consultants and executive officers listed below (the
"selling shareholders").
7
We are
registering the shares of our common stock covered by this Reoffer Prospectus
for the selling shareholders.  As used in this Reoffer Prospectus,
"selling shareholders" includes the pledgees, donees, transferees or others who
may later hold the selling shareholders' interests.  We will pay the
costs and fees of registering the shares of our common stock covered by this
Reoffer Prospectus, but the selling shareholders will pay any brokerage
commissions, discounts or other expenses relating to the sale of such
shares.
The
selling shareholders may sell their shares of our common stock by means of this
Reoffer Prospectus and any applicable prospectus supplement, or they may decide
to sell them by other means, including pursuant to Rule 144 under the Securities
Act; however, they are not obligated to sell their shares at all.  The
selling shareholders may sell their shares of our common stock from time to time
in one or more types of transactions (which may include block transactions) in
the over-the-counter market, in negotiated transactions, through put or call
option transactions relating to the common stock, through short sales of common
stock, or a combination of such methods of sale, at market prices prevailing at
the time of sale, at prices related to such market prices, at negotiated prices,
or at fixed prices.  The selling shareholders may sell their shares of
common stock directly to purchasers, in private transactions, or through agents,
underwriters or broker-dealers.  The selling shareholders and any
broker-dealers, agents or underwriters that participate in the distribution of
the shares of common stock may be deemed to be "underwriters" within the meaning
of Section 2(11) of the Securities Act.
Because
the selling shareholders may be deemed to be "underwriters" within the meaning
of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act and will need to deliver copies of this
Reoffer Prospectus to purchasers at or before the time of any sale of the shares
being sold pursuant hereto.  If we are required to supplement this
Reoffer Prospectus or post-effectively amend the registration statement of which
it is a part in order to disclose a specific plan of distribution of the selling
shareholders, the supplement or amendment will describe the particulars of the
plan of distribution, including the shares of common stock, purchase price and
names of any agent, broker, dealer, or underwriter, or arrangements relating to
any such person or entity or applicable commissions.  Additional
information related to the selling shareholders and the plan of distribution may
also be provided in one or more prospectus supplements.
Under
applicable rules and regulations under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), no person engaged in the distribution of the
shares covered by this Reoffer Prospectus may simultaneously engage in market
making activities with respect to our common stock for a restricted period
commencing immediately prior to the distribution of the shares and lasting
throughout the distribution period.  In addition, the selling
shareholders will be subject to applicable provisions of the Exchange Act and
the associated rules and regulations under the Exchange Act, including
Regulation M, the provisions of which may limit the timing of purchases and
sales of other shares of common stock (other than the shares being sold pursuant
hereto) by the selling shareholders.
The
following table sets forth:
·
The
      name of each affiliated and non-affiliated selling
      shareholder;
·
The
      number of shares of common stock owned beneficially, directly or
      indirectly, by each selling
shareholder;
·
The
      maximum number of shares of common stock to be offered by each selling
      shareholder pursuant to this Reoffer Prospectus;
  and
·
The
      number of shares of common stock to be owned by each selling shareholder
      following the sale of the shares pursuant
  hereto.
8
Beneficial
ownership is determined in accordance with the rules of the Securities and
Exchange Commission (the "Commission") and generally includes voting or
investment power with respect to securities and includes any securities which
the person has the right to acquire within 60 days through the conversion or
exercise of any security or other right.  The information as to the
number of shares of our common stock owned by each selling shareholder is based
upon our books and records and the information provided by our transfer
agent.  The inclusion in the table below of the individuals named
therein shall not be deemed to be an admission that any such individuals are our
"affiliates."
We may
amend or supplement this Reoffer Prospectus from time to time to update the
disclosure set forth in the table.  Because the selling shareholders
identified in the table may sell some or all of the shares owned by them which
are included in this Reoffer Prospectus, and because there are currently no
agreements, arrangements or understandings with respect to the sale of any such
shares, no estimate can be given as to the number of shares available for resale
hereby that will be held by the selling shareholders upon termination of the
offering made hereby.  We have therefore assumed, for the purposes of
the following table, that the selling shareholders will (i) fully exercise all
options when vested, and (ii) sell all of the shares owned by them which are
being offered hereby (including pursuant to vested and unvested options included
herein), but will not sell any other shares of our common stock that they
presently own.
Selling
      Shareholder
Position(s)
      with our company
Shares
      Held Before the Offering
Shares
      Being Offered (1)
Shares
      Held After the Offering
Percentage
      of Shares Owned After Offering (2)
Frank
      C. Ingriselli
President,
      Chief Executive Officer, Secretary and Director
3,952,915
      (3)
470,000
      (4)
3,753,579
9.3%
Jamie
      Tseng
Executive
      Vice President
881,495
      (5)
219,000
      (6)
799,895
2.0%
Stephen
      F. Groth
Vice
      President and Chief Financial Officer
753,894
      (7)
211,400
      (8)
673,000
1.7%
Elizabeth
      P. Smith
Director
188,947
10,000
      (9)
178,947
*
Robert
      C. Stempel
Director
10,000
10,000
      (9)
0
*
Richard
      Grigg
Managing
      Director, Beijing Office
100,000
100,000
      (9)
0
*
Louis
      Ruggio
Consultant
400
400
      (9)
0
*
*           Less
than 1%.
(1)
The
      share numbers under "Shares Held Before the Offering" and "Shares Held
      After the Offering" represent the number of shares beneficially owned by
      each selling shareholder. Because the numbers set forth under "Shares
      Being Offered" include shares that a shareholder may not yet be deemed to
      be the beneficial owner of (because the number may include shares issuable
      upon exercise of options that are not currently exercisable within 60
      days), the number of shares listed with respect to a selling shareholder
      under "Shares Being Offered" could exceed the number of shares shown as
      being owned by such shareholder under "Shares Held Before the Offering."
       For the same reason, the number of shares set forth under "Shares
      Held After the Offering" may exceed the difference between the number
      of shares set forth under "Shares Held before the Offering" and under
      "Shares Being
Offered".
(2)
Based
      on 40,006,938 shares of common stock outstanding as of July 1, 2008, plus
      options issuable upon exercise of options currently exercisable within 60
      days with respect to each selling shareholder,
    respectively.
9
(3)
Represents
      (i) 3,793,579 shares of our common stock held directly by Mr. Ingriselli,
      (ii) options currently exercisable to acquire a total of up to 149,336
      shares of our common stock, and (iii) 5,000 shares of our common stock
      owned by Mr. Ingriselli's daughter and 5,000 shares of our common stock
      owned by Mr. Ingriselli's son.  Does not include (i) 50,000
      shares of our common stock owned by Brightening Lives Foundation Inc., a
      charitable foundation run by Mr. Ingriselli, over which Mr. Ingriselli
      disclaims beneficial ownership, and (ii) up to 270,664 shares
      issuable upon exercise of options not exercisable within 60 days of
      the date of this prospectus.
(4)
Represents
      (i) 80,000 shares of our common stock issuable upon exercise of options
      issued pursuant to our  2007 Stock Plan, (ii) 50,000 shares of
      our restricted common stock issued pursuant to our  2007 Stock
      Plan, and (iii) 340,000 shares of our common stock issuable upon exercise
      of options issued pursuant to an agreement entered into by and between Mr.
      Ingriselli and our company.  A substantial portion of the
      options described in (i) and (iii) above remain subject to
      vesting.
(5)
Represents
      (i) 799,895 shares of our common stock held by Golden Ring International
      Consultants, a British Virgin Islands company wholly-owned by Mr. Tseng,
      and (ii) options to acquire up to 81,600 shares of our common
      stock.  Excludes a total of 137,400 shares issuable upon
      exercise of options not exercisable within 60 days of the date of
      this prospectus.
(6)
Represents
      (i) 15,000 shares of our common stock issuable upon exercise of options
      issued and outstanding pursuant to our 2007 Stock Plan, and (ii) 204,000
      shares of our common stock issuable upon exercise of options issued and
      outstanding pursuant to an agreement entered into by and between Mr. Tseng
      and our company. A substantial portion of the options described in (i) and
      (ii) above remain subject to
vesting.
(7)
Represents
      (i) 275,000 shares of our common stock held directly by Mr. Groth, (ii)
      options exercisable on September 29, 2007 for 62,560 shares of our common
      stock pursuant to an option grant exercisable for an aggregate of 156,400
      shares of our common stock that vests 40 percent on September 29, 2007,
      and 20 percent on September 29 of each year thereafter, (iii) options
      exercisable on December 17, 2007 for an aggregate of 3,334 shares of our
      common stock pursuant to an option grant exercisable for an aggregate of
      40,000 shares of our common stock that vests with respect to 3,334 shares
      on December 17, 2007, 16,666 shares on December 17, 2008, 8,000 shares on
      December 17, 2009, 8,000 shares on December 17, 2010, and 4,000 shares on
      December 17, 2011, and (iv) 413,000 shares of our common stock owned by
      Mr. Groth's spouse.  Excludes (i) 44,737 shares of our common
      stock owned by Mr. Groth's adult son, (ii) 44,737 shares of our common
      stock owned by Mr. Groth's adult daughter, (iii) 238,947 shares of our
      common stock owned by Mr. Groth's brother, and (iv) 93,840 shares
      underlying options with an exercise price of $0.56 per share and 36,666
      shares underlying options with an exercise price of $6.00 per share which
      have not vested.
(8)
Represents
      (i) 40,000 shares of our common stock issuable upon exercise of options
      issued and outstanding pursuant to our 2007 Stock Plan, (ii) 15,000 shares
      of our restricted common stock issued pursuant to our 2007 Stock Plan, and
      (iii) 156,400 shares of our common stock issuable upon exercise of options
      issued and outstanding pursuant to an agreement entered into by and
      between Mr. Groth and our company.  A substantial portion of the
      options described in (i) and (iii) above remain subject to
      vesting.
(9)
Represents
      restricted common stock of our company issued pursuant to our 2007 Stock
      Plan.
PLAN OF DISTRIBUTION
Subject
to the foregoing, the selling shareholders may offer and sell the shares covered
by this prospectus at various times as described above. The selling shareholders
will act independently of our company in making decisions with respect to the
timing, manner and size of each sale. To our knowledge, no selling shareholder
has any agreement or understanding, directly or indirectly, with any person to
resell the common shares covered by this prospectus.
Since our
company does not currently meet the registrant requirements for use of Form S-3,
the amount of common shares which may be resold by means of this Reoffer
Prospectus by each of the selling shareholders who is an affiliate of our
company, and any other person with whom he or she is acting in
concert
10
for the
purpose of selling securities of our company, must not exceed, in any three
month period, the amount specified in Rule 144(e) promulgated under the
Securities Act.
Use
of Brokers, Dealers or Underwriters
The
selling shareholders may sell their common shares directly to purchasers or may
use brokers, dealers, underwriters or agents to sell their common shares.
Brokers or dealers engaged by the selling shareholders may arrange for other
brokers or dealers to participate. Brokers or dealers may receive commissions,
discounts or concessions from the selling shareholders, or, if any such
broker-dealer acts as agent for the purchaser of common shares, from the
purchaser in amounts to be negotiated immediately prior to the sale. The
compensation received by brokers or dealers may, but is not expected to, exceed
that which is customary for the types of transactions involved.
Broker-dealers
may agree with a selling shareholder to sell a specified number of common shares
at a stipulated price per common share, and, to the extent the broker-dealer is
unable to do so acting as agent for a selling shareholder, to purchase as
principal any unsold common shares at the price required to fulfill the
broker-dealer commitment to the selling shareholder.
Broker-dealers
who acquire common shares as principal may thereafter resell the common shares
from time to time in transactions, which may involve block transactions and
sales to and through other broker-dealers, including transactions of the nature
described above, in the over-the-counter market or otherwise at prices and on
terms then prevailing at the time of sale, at prices then related to the
then-current market price or in negotiated transactions. In connection with
resales of the common shares, broker-dealers may pay to or receive from the
purchasers of shares commissions as described above.
If our
selling shareholders enter into arrangements with brokers or dealers, as
described above, we will be obligated to file a post-effective amendment to the
registration statement of which this prospectus forms a part, disclosing such
arrangements, including the names of any broker-dealers acting as
underwriters.
The
selling shareholders and any broker-dealers or agents that participate with the
selling shareholders in the sale of the common shares may be deemed to be
"underwriters" within the meaning of the Securities Act. In that event, any
commissions received by broker-dealers or agents and any profit on the resale of
the common shares purchased by them may be deemed to be underwriting commissions
or discounts under the Securities Act.
Accordingly,
during such times as a selling shareholder may be deemed to be engaged in a
distribution of the common stock, and therefore be considered to be an
underwriter, the selling shareholder must comply with applicable law and, among
other things:
·
may
      not engage in any stabilization activities in connection with our common
      stock;
·
may
      not cover short sales by purchasing shares while the distribution is
      taking place; and
·
may
      not bid for or purchase any of our securities or attempt to induce any
      person to purchase any of our securities other than as permitted under the
      Exchange Act.
In
addition, we will make copies of this prospectus available to the selling
shareholders for the purpose of satisfying the prospectus delivery requirements
of the Securities Act.
Sales
Pursuant to Rule 144
Any
common shares covered by this prospectus which qualify for sale pursuant to Rule
144 under the Securities Act may be sold under Rule 144 rather than pursuant to
this prospectus.
11
LEGAL MATTERS
The
validity of the shares being offered hereby has been passed upon for us by
TroyGould PC.
EXPERTS
The
consolidated financial statements of Pacific Asia Petroleum, Inc. and
subsidiaries for the years ended December 31, 2007 and 2006, and the period from
inception (August 25, 2005) through December 31, 2005, have been audited by
RBSM, LLP, independent registered public accounting firm, as set forth in their
report thereon, included in our Annual Report on Form 10-K for the year ended
December 31, 2007, and incorporated herein by reference in reliance upon the
authority of such firm as experts in auditing and accounting.
MATERIAL CHANGES
There
have been no material changes in our affairs since the end of our last fiscal
year on December 31, 2007, other than those changes that have been described in
our Annual Reports on Form 10-K and Form 10-K/A for the fiscal year then ended,
in our Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K that
we have filed with the Commission.  See below under "Where You Can
Find More Information" for an explanation of where you can view our filings with
the Commission.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The
Commission allows us to "incorporate by reference" certain of our publicly-filed
documents into this Reoffer Prospectus, which means that information included in
these documents is considered part of this Reoffer
Prospectus.  Information that we file with the Commission subsequent
to the date of this Reoffer Prospectus will automatically update and supersede
this information.  We incorporate by reference the documents listed
below and any future filings made with the Commission under Section 13(a),
13(c), 14 or 15(d) of the Exchange Act.
The
following documents filed with the Commission are incorporated by reference into
this Reoffer Prospectus:
(a)
Our
      Annual Reports on Form 10-K and Form 10-K/A for the period ended December
      31, 2007, which are our latest annual reports filed pursuant to Section
      13(a) of the Exchange Act;
(b)
Our
      Quarterly Report on Form 10-Q for the period ended March 31, 2008, which
      is our latest quarterly report filed pursuant to Section 13(a) of the
      Exchange Act;
(c)
Our
      Current Reports on Form 8-K, as filed with the Commission on April 3,
      2008, April 8, 2008, April 25, 2008, and May 9, 2008;
  and
(d)
The
      description of our common stock as set forth under the caption
      "Description of Securities" in our registration statement on Form 10-SB/A,
      File No. 000-52770, as filed with the Commission on November 20, 2007, and
      any other amendments or reports thereto filed with the Commission for the
      purpose of updating such
description.
All
documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act after the date of this Reoffer Prospectus and prior to the
termination of this offering shall be deemed to be incorporated by reference in
this Reoffer Prospectus and to be a part hereof from the date of filing of such
documents.  Any statement contained in a document incorporated or
deemed to be incorporated by reference herein shall be deemed to be modified or
superseded for purposes of this Reoffer Prospectus to the extent that a
statement contained herein or in any other subsequently filed document which is
deemed to be incorporated by reference
12
herein
modifies or supersedes such earlier statement.  Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Reoffer Prospectus or any prospectus
supplement.
We will
provide without charge to you, on written or oral request, a copy of any or all
of the foregoing documents incorporated herein by reference (other than exhibits
to such documents, except for exhibits that are incorporated by
reference).  You should direct any requests for any such documents to
250 East Hartsdale Avenue, Suite 47, Hartsdale, New York 10530,
Attention:  Corporate Secretary.  Our telephone number at
that address is (914) 472-6070.
WHERE YOU CAN FIND MORE INFORMATION
We have
filed with the Commission a registration statement on Form S-8 under the
Securities Act with respect to the shares of common stock offered
hereby.  This Reoffer Prospectus does not contain all of the
information set forth in the registration statement and the exhibits
thereto.  You can find additional information regarding us and the
common stock in the registration statement and the
exhibits.  Statements contained in this Reoffer Prospectus regarding
the contents of any contract or any other document to which reference is made
are not necessarily complete, and, in each instance where a copy of such
contract or other document has been filed as an exhibit to the registration
statement, reference is made to the copy so filed, each such statement being
qualified in all respects by such reference.
We are
subject to the information requirements of the Exchange Act, and, in accordance
therewith, file reports and other information with the
Commission.  The registration statement, including exhibits, and the
reports and other information filed by us can be inspected without charge at the
Public Reference Room maintained by the Commission at 100 F. Street N.E., Room
1580, Washington, D.C., 20549.  Copies of such material can be
obtained from such offices at fees prescribed by the Commission.  The
public may obtain information on the operation of the Public Reference Room by
calling the Commission at 1-800-SEC-0330.  The Commission maintains an
Internet site that contains reports, proxy and information statements and other
information regarding registrants that file electronically with the
Commission.  The address of this site is
http://www.sec.gov.
DISCLOSURE OF COMMISSION POSITION ON
INDEMNIFICATION
FOR SECURITIES ACT LIABILITIES
Under
Section 145 of the Delaware General Corporation Law (the "DGCL"), our company
has broad powers to indemnify our directors and officers against liabilities
they may incur in such capacities, including liabilities under the Securities
Act.  Our Bylaws provide that, to the fullest extent permitted by law,
we shall indemnify and hold harmless any person who was or is made or is
threatened to be made a party or is otherwise involved in any threatened,
pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative by reason of the fact that such person, or the
person for whom he is the legally representative, is or was a director or
officer of our company, against all liabilities, losses, expenses (including
attorney's fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by such person in connection with such
proceeding.
Our
Certificate of Incorporation provides for the indemnification of, and
advancement of expenses to, such agents of our company (and any other persons to
which Delaware law permits our company to provide indemnification) through Bylaw
provisions, agreements with such agents or other persons, vote of stockholders
or disinterested directors or otherwise, in excess of the indemnification and
advancement otherwise permitted under Section 145 of the DGCL, subject only to
limits created by applicable Delaware law (statutory or non-statutory), with
respect to actions for breach of duty to our company, our stockholders and
others. The provision does not affect directors' responsibilities under any
other laws, such as the federal securities laws or state or federal
environmental laws. We have entered into indemnification agreements with certain
of our current executive officers and directors, and intend to enter into
agreements with our future
13
directors
and executive officers, that require us to indemnify such persons to the fullest
extent permitted by law, against expenses, judgments, fines, settlements and
other amounts incurred (including attorneys' fees), and advance expenses if
requested by such person, in connection with investigating, defending, being a
witness in, participating, or preparing for any threatened, pending, or
completed action, suit, or proceeding or any alternative dispute resolution
mechanism, or any inquiry, hearing, or investigation (collectively, a
"Proceeding"), relating to any event or occurrence that takes place either prior
to or after the execution of the indemnification agreement, related to the fact
that such person is or was a director or officer of our company, or while a
director or officer is or was serving at the request of our company as a
director, officer, employee, trustee, agent, or fiduciary of another foreign or
domestic corporation, partnership, joint venture, employee benefit plan, trust,
or other enterprise, or was a director, officer, employee, or agent of a foreign
or domestic corporation that was a predecessor corporation of our company or of
another enterprise at the request of such predecessor corporation, or related to
anything done or not done by such person in any such capacity, whether or not
the basis of the Proceeding is alleged action in an official capacity as a
director, officer, employee, or agent or in any other capacity while serving as
a director, officer, employee, or agent of our company. Indemnification is
prohibited on account of any Proceeding in which judgment is rendered against
such persons for an accounting of profits made from the purchase or sale by such
persons of securities of our company pursuant to the provisions of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or similar provisions of any
federal, state, or local laws. The indemnification agreements also set forth
certain procedures that will apply in the event of a claim for indemnification
thereunder.
We may
purchase and maintain insurance on behalf of any person who is or was a
director, officer or employee of our company, or is or was serving at our
request as a director, officer, employee or agent of another company,
partnership, joint venture, trust or other enterprise against liability asserted
against him and incurred by him in any such capacity, or arising out of his
status as such, whether or not we would have the power to indemnify him against
liability under the provisions of this section. We currently maintain an
Executive and Organization Liability Insurance Policy issued by Illinois
National Insurance Company, a member company of American International Group,
Inc. ("AIG").
The right
of any person to be indemnified is subject always to the right of our company by
our Board of Directors, in lieu of such indemnity, to settle any such claim,
action, suit or proceeding at our expense by the payment of the amount of such
settlement and the costs and expenses incurred in connection
therewith.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted for our directors, officers and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.  In the event that a
claim for indemnification against such liabilities (other than the payment by us
for expenses incurred or paid by a director, officer or controlling person in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether our indemnification is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of the
issue by the court.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3.  Incorporation of Documents by Reference
We have
filed the following documents with the Securities and Exchange Commission (the
"Commission"), each of which is incorporated herein by reference:
14
(a)
Our
      Annual Reports on Form 10-K and Form 10-K/A for the period ended December
      31, 2007, which are our latest annual reports filed pursuant to Section
      13(a) of the Exchange Act;
(b)
Our
      Quarterly Report on Form 10-Q for the period ended March 31, 2008, which
      is our latest quarterly report filed pursuant to Section 13(a) of the
      Exchange Act;
(c)
Our
      Current Reports on Form 8-K, as filed with the Commission on April 3,
      2008, April 8, 2008, April 25, 2008, and May 9, 2008;
  and
(d)
The
      description of our common stock as set forth under the caption
      "Description of Securities" in our registration statement on Form 10-SB/A,
      File No. 000-52770, as filed with the Commission on November 20, 2007, and
      any other amendments or reports thereto filed with the Commission for the
      purpose of updating such
description.
In
addition, all documents filed subsequent to the date of this Registration
Statement by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act, as amended, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date
of the filing of such documents.   Any statement contained in a
document deemed to be incorporated herein by reference shall be deemed to be
modified or superseded for purposes of this Registration Statement to the extent
that a statement contained in any other subsequently filed document which also
is deemed to be incorporated by reference herein modifies or supersedes such
statement.
Item
4.  Description of Securities
Not
applicable.
Item
5.  Interests of Named Experts and Counsel
Not
applicable.
Item
6.  Indemnification of Directors and Officers
Under
Section 145 of the Delaware General Corporation Law (the "DGCL"), our company
has broad powers to indemnify its directors and officers against liabilities
they may incur in such capacities, including liabilities under the Securities
Act of 1933, as amended (the "Securities Act"). Our Bylaws provide that, to the
fullest extent permitted by law, our company shall indemnify and hold harmless
any person who was or is made or is threatened to be made a party or is
otherwise involved in any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative by reason
of the fact that such person, or the person for whom he is the legally
representative, is or was a director or officer of our company, against all
liabilities, losses, expenses (including attorney's fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person in
connection with such proceeding.
Our
Certificate of Incorporation provides for the indemnification of, and
advancement of expenses to, such agents of our company (and any other persons to
which Delaware law permits our company to provide indemnification) through Bylaw
provisions, agreements with such agents or other persons, vote of stockholders
or disinterested directors or otherwise, in excess of the indemnification and
advancement otherwise permitted under Section 145 of the DGCL, subject only to
limits created by applicable Delaware law (statutory or non-statutory), with
respect to actions for breach of duty to our company, its stockholders and
others. The provision does not affect directors' responsibilities under any
other laws, such as the federal securities laws or state or federal
environmental laws. Our company has entered into indemnification agreements with
certain of its current executive officers and directors, and intends to enter
into agreements with its future directors and executive officers, that require
our company to indemnify such persons to the
15
fullest
extent permitted by law, against expenses, judgments, fines, settlements and
other amounts incurred (including attorneys' fees), and advance expenses if
requested by such person, in connection with investigating, defending, being a
witness in, participating, or preparing for any threatened, pending, or
completed action, suit, or proceeding or any alternative dispute resolution
mechanism, or any inquiry, hearing, or investigation (collectively, a
"Proceeding"), relating to any event or occurrence that takes place either prior
to or after the execution of the indemnification agreement, related to the fact
that such person is or was a director or officer of our company, or while a
director or officer is or was serving at the request of our company as a
director, officer, employee, trustee, agent, or fiduciary of another foreign or
domestic corporation, partnership, joint venture, employee benefit plan, trust,
or other enterprise, or was a director, officer, employee, or agent of a foreign
or domestic corporation that was a predecessor corporation of our company or of
another enterprise at the request of such predecessor corporation, or related to
anything done or not done by such person in any such capacity, whether or not
the basis of the Proceeding is alleged action in an official capacity as a
director, officer, employee, or agent or in any other capacity while serving as
a director, officer, employee, or agent of our company. Indemnification is
prohibited on account of any Proceeding in which judgment is rendered against
such persons for an accounting of profits made from the purchase or sale by such
persons of securities of our company pursuant to the provisions of Section 16(b)
of the Securities Exchange Act of 1934, as amended, or similar provisions of any
federal, state, or local laws. The indemnification agreements also set forth
certain procedures that will apply in the event of a claim for indemnification
thereunder.
Our
company may purchase and maintain insurance on behalf of any person who is or
was a director, officer or employee of our company, or is or was serving at the
request of our company as a director, officer, employee or agent of another
company, partnership, joint venture, trust or other enterprise against liability
asserted against him and incurred by him in any such capacity, or arising out of
his status as such, whether or not our company would have the power to indemnify
him against liability under the provisions of this section. Our company
currently maintains an Executive and Organization Liability Insurance Policy
issued by Illinois National Insurance Company, a member company of American
International Group, Inc. ("AIG").
The right
of any person to be indemnified is subject always to the right of our company by
its Board of Directors, in lieu of such indemnity, to settle any such claim,
action, suit or proceeding at the expense of our company by the payment of the
amount of such settlement and the costs and expenses incurred in connection
therewith.
Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted for our directors, officers and controlling persons pursuant to the
foregoing provisions, or otherwise, we have been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.  In the event that a
claim for indemnification against such liabilities (other than the payment by us
for expenses incurred or paid by a director, officer or controlling person in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, we will, unless in the opinion of our counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether our indemnification is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of the
issue by the court.
Item
7.  Exemption from Registration Claimed
The
shares being offered pursuant to this registration statement were initially
issued pursuant to the exemption from registration provided by Section 4(2) of
the Securities Act of 1933, as amended.
Item
8.                      Exhibits
The following exhibits are filed with
this registration statement or are incorporated by reference as a part of this
registration statement:
16
Exhibit
Number
Description
4.1
Amended
      and Restated Certificate of Incorporation of the Company (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).
4.2
Bylaws
      of the Company (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).
4.3
Specimen
      of Common Stock Certificate (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).
4.4
Company
      2007 Stock Plan (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).
4.5
Company
      2007 Stock Plan form Stock Option Agreement (previously filed by the
      Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).
4.6
Company
      2007 Stock Plan form Restricted Stock Purchase Agreement (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).
4.7
Executive
      Employment Agreement, dated September 29, 2006, by and between Frank C.
      Ingriselli and the Company (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).
4.8
Executive
      Employment Agreement, dated September 29, 2006, by and between Stephen F.
      Groth and the Company (previously filed by the Company on August 15, 2007
      as an exhibit to its Form 10-SB and incorporated herein by
      reference).
4.9
Letter Agreement, dated October 12, 2006, by and between
      Douglas Hoffmann and the Company (included with this registration
      statement).
4.10
Letter Agreement, dated October 12, 2006, by and between
      Shaoxiong Huang and the Company (included with this registration
      statement).
4.11
Letter Agreement, dated October 12, 2006, by and between
      Jamie Tseng and the Company (included with this registration
      statement).
5.1
Opinion of TroyGould PC (included with this registration
      statement).
23.1
Consent of RBSM LLP (included with this registration
      statement).
23.2
Consent of TroyGould PC (included in the opinion filed as
      Exhibit 5.1).
24.1
Power of Attorney (included on the signature page of
      this registration statement).
Item
9.                      Undertakings
(a)
The
Company hereby undertakes:
(1)
To file,
during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
17
(i)
To
include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii)
To
reflect in the prospectus any facts or events arising after the effective date
of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration
statement.  Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement;
and
(iii)
To
include any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement.
However,
paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Company
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in this registration statement.
(2)
That, for
the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof;
and
(3)
To remove
from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the
offering.
(b)
That, for
the purposes of determining any liability under the Securities Act, each filing
of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering
thereof.
(c)
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Company
pursuant to the foregoing provisions, or otherwise, the Company has been advised
that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable.  In the event that a claim for indemnification against
such liabilities (other than the payment by the Company of expenses incurred or
paid by a director, officer or controlling person of the Company in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, our company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue.
18
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in Hartsdale, New
York, on July 1, 2008.
PACIFIC
      ASIA PETROLEUM, INC.
By:
/s/ Frank C.
    Ingriselli
Frank
      C. Ingriselli
Chief
      Executive Officer and President
POWER
OF ATTORNEY
Each
person whose signature appears below constitutes and appoints Frank C.
Ingriselli as his or her true and lawful attorney-in-fact and agent, with full
power of substitution, for him or her in any and all capacities, to sign this
registration statement on Form S-8 and any amendments hereto (including
post-effective amendments), and to file the same, with all exhibits thereto and
other documents in connection therewith, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as he or she might do or could do in person, hereby ratifying and
confirming all that said attorney-in-fact and agent, or his substitute or
substitutes, may do or cause to be done by virtue of this power of
attorney.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the dates
indicated.
Signature
Title
Date
/s/ Frank C.
      Ingriselli
Chief
      Executive Officer, President and Director (principal executive
      officer)
July
      1, 2008
Frank C.
      Ingriselli
/s/
      Stephen F. Groth
Chief
      Financial Officer (principal financial and accounting
      officer)
July
      1, 2008
Stephen
      F. Groth
/s/ Laird Q. Cagan
Director
July
      1, 2008
Laird
      Q. Cagan
/s/ Elizabeth P. Smith
Director
July
      1, 2008
Elizabeth
      P. Smith
/s/ Robert C. Stempel
Director
July
      1, 2008
Robert
      C. Stempel
19
EXHIBIT
INDEX
Exhibit
Number
Description
4.1
Amended
      and Restated Certificate of Incorporation of the Company (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).
4.2
Bylaws
      of the Company (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).
4.3
Specimen
      of Common Stock Certificate (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).
4.4
Company
      2007 Stock Plan (previously filed by the Company on August 15, 2007 as an
      exhibit to its Form 10-SB and incorporated herein by
      reference).
4.5
Company
      2007 Stock Plan form Stock Option Agreement (previously filed by the
      Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).
4.6
Company
      2007 Stock Plan form Restricted Stock Purchase Agreement (previously filed
      by the Company on August 15, 2007 as an exhibit to its Form 10-SB and
      incorporated herein by reference).
4.7
Executive
      Employment Agreement, dated September 29, 2006, by and between Frank C.
      Ingriselli and the Company (previously filed by the Company on August 15,
      2007 as an exhibit to its Form 10-SB and incorporated herein by
      reference).
4.8
Executive
      Employment Agreement, dated September 29, 2006, by and between Stephen F.
      Groth and the Company (previously filed by the Company on August 15, 2007
      as an exhibit to its Form 10-SB and incorporated herein by
      reference).
4.9
Letter
      Agreement, dated October 12, 2006, by and between Douglas Hoffmann and the
      Company (included with this registration statement).
4.10
Letter
      Agreement, dated October 12, 2006, by and between Shaoxiong Huang and the
      Company (included with this registration statement).
4.11
Letter
      Agreement, dated October 12, 2006, by and between Jamie Tseng and the
      Company (included with this registration statement).
5.1
Opinion
      of TroyGould PC (included with this registration
    statement).
23.1
Consent
      of RBSM LLP (included with this registration
statement).
23.2
Consent
      of TroyGould PC (included in the opinion filed as Exhibit
      5.1).
24.1
Power
      of Attorney (included on the signature page of this registration
      statement).
20