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  &nbsp;<P align="center" style="margin-top: 0; margin-bottom: 0">
  &nbsp;</P>
  <P align="center" style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=2 face="serif">As filed with the Securities and Exchange Commission on February
  27, 2006</FONT></B></P>
  <P align="center" style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration No.</FONT></B></P><HR noshade color="#000000" size="3">
  <P align="center" style="margin-top: 0; margin-bottom: 5px">
  <B><FONT size=4 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><FONT size=1 face="serif"><BR>
  </FONT><FONT size=2 face="serif">WASHINGTON, D.C. 20549</FONT></B></P><HR noshade color="#000000" width="100">
  <P align="center" style="margin-top: 5px; margin-bottom: 10px">
  <B><FONT size=4 face="serif">FORM S-8 <BR>
  REGISTRATION STATEMENT</FONT><FONT size=2 face="serif"><BR>
  UNDER </FONT><BR>
  <FONT size=2 face="serif">THE SECURITIES ACT OF 1933</FONT></B></P>
  <HR noshade color="#000000" width="100">
  <P align="center" style="margin-top: 10px; margin-bottom: 0">
  <B><FONT face="serif" size="4">CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED</FONT><FONT size=1 face="serif"><BR>
  (Exact name of Registrant as specified in its charter) <BR>
  &nbsp;</FONT></B></P>
  <HR noshade color="#000000" width="100">
  <DIV align="center">
  <TABLE border=0 cellspacing=0 cellpadding=0 id="table1" width="566">
  <TR valign="bottom">
   <TD width="40%" align=center>
  <P style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=2 face="serif">Nevada</FONT></B>&nbsp;
   </TD>
   <TD width="16%" align=center>
  &nbsp;</TD>
   <TD width="42%" align=center>
  <P style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=2 face="serif">87-0638750</FONT></B>&nbsp;
   </TD>
  </TR>
  <TR valign="bottom">
   <TD width="40%" align=center>
  <p style="margin-top: 0; margin-bottom: 0">
  <FONT size=2 face="serif">(State of
  incorporation)</FONT>&nbsp;
   </TD>
   <TD width="16%" align=center valign="top">
  &nbsp;</TD>
   <TD width="42%" align=center>
  <P style="margin-top: 0; margin-bottom: 0">
  <FONT size=2 face="serif">(I.R.S. Employer Identification No.)</FONT>&nbsp;
   </TD>
  </TR>
  </TABLE>
  
  </DIV>
  <P align="center" style="margin-top: 0; margin-bottom: 5px">
  <B><FONT size=2 face="serif"><br>
  20337 Rimview Place </FONT></B><FONT size="2"><BR>
  </FONT>
  <B><FONT size=2 face="serif">Walnut, California 91789</FONT><FONT size="2"><BR>
  </FONT><FONT size=1 face="serif">(Address, including zip code, of Registrant's principal executive offices)</FONT><BR>
  <FONT size=1 face="serif"><BR>
  </FONT><FONT size=2 face="serif">2006 STOCK OPTION/STOCK ISSUANCE PLAN </FONT>
  <FONT size="2"><BR>
  </FONT><FONT size=1 face="serif"> (Full title of the plans) </FONT></B></P><HR noshade color="#000000" width="100">
  <P align="center" style="margin-top: 0; margin-bottom: 5px">
  <B><FONT size=2 face="serif">Wang Hong Jun <BR>
  President<BR>
  China North East Petroleum Holdings Limited <BR>
  20337 Rimview Place <BR>
  Walnut, California 91789 <BR>
  (909) 268-2840 <BR>
  </FONT><FONT size=1 face="serif">(Name, address, and telephone number,
  including area code, of agent for service)</FONT></B></P>
  <HR noshade color="#000000" width="100">
  <P align="center" style="margin-top: 5px; margin-bottom: 10px">
  <B><FONT size=2 face="serif">Copy to:</FONT></B></P>
  <P align="center" style="margin-top: 5px; margin-bottom: 0">
  <B><FONT size=2 face="serif">Mark Crone, Esq. </FONT></B><FONT size="2"><BR>
  </FONT>
  <B><FONT size=2 face="serif">The Crone Law Group LLP</FONT></B><FONT size=2 face="serif"> </FONT>
  <FONT size="2"><BR>
  </FONT>
  <B><FONT size=2 face="serif">201 Mission Street, Suite 1930</FONT></B><FONT size="2"><BR>
  </FONT>
  <B><FONT size=2 face="serif">San Francisco, CA 94105</FONT></B><FONT size=2 face="serif"> </FONT>
  <FONT size="2"><BR>
  </FONT>
  <B><FONT size=2 face="serif">(415) 495-8900</FONT></B></P>
  <P align="center" style="margin-top: 5px; margin-bottom: 0">
  <B><FONT size=2 face="serif">&nbsp;</FONT></B></P>
  <P align="center" style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=2 face="serif">CALCULATION OF REGISTRATION FEE</FONT></B></P>
  <HR noshade color="#000000" size="3">
  <DIV align="center">
  <TABLE border=0 cellpadding=0 style="border-collapse: collapse" width="614">
  <TR valign="bottom">
  <TD width="34%" align=left>
  <B><FONT size=1 face="serif">Title of Securities to be Registered</FONT></B>&nbsp;
  </TD>
  <TD width="15%" align=center>
  <P style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=1 face="serif">Amount<BR>
  to be<BR>
  Registered(1)</FONT></B></TD>
  <TD width=17% align=center>
  <B><FONT size=1 face="serif">Proposed<BR>
  Maximum<BR>
  Offering Price<BR>
  Per Share(2)</FONT></B></TD>
  <TD width="17%" align=center>
  <B><FONT size=1 face="serif"><BR>
  Proposed<BR>
  Maximum Aggregate<BR>
  Offering Price(2)</FONT></B></TD>
  <TD width="13%" align=center>
  <B><FONT size=1 face="serif"><BR>
  Amount of<BR>
  Registration<BR>
  Fee(3)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD width="34%" align=left bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size=1 face="serif">Common Stock, &#36;.001 par value to be issued under Registrant's 2006 Stock Option/Stock Issuance Plan </FONT></TD>
  <TD width="15%" align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size=1 face="serif">2,450,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width=17% align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$0.445&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="17%" align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$1,090,250&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="13%" align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$116.66&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
  <TD width="34%" align=left bgcolor="#FFFFFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size=1 face="serif">Common Stock, &#36;.001 par value to be issued under Registrant's 2006 Stock Option/Stock Issuance Plan</FONT></TD>
  <TD width="15%" align=right bgcolor="#FFFFFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">&nbsp;&nbsp;&nbsp; 50,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width=17% align=right bgcolor="#FFFFFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$0.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="17%" align=right bgcolor="#FFFFFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$12,500&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="13%" align=right bgcolor="#FFFFFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$1.34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  </TR>
  <TR valign="bottom">
  <TD width="34%" align=left bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">Total</FONT></TD>
  <TD width="15%" align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">2,500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width=17% align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="17%" align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$1,102,750&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  <TD width="13%" align=right bgcolor="#CCEEFF" style="border-top: 2px solid #000000; border-bottom: 2px solid #000000">
  <FONT size="1">$118.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
  </TR>
  </TABLE></DIV>
  <BR>
  
  <div style="border:none;border-bottom:solid .05em;padding:0in 0in 1.0pt 0in">
  <div style=" border:none;border-bottom:solid .25em;padding:0in 0in 1.0pt 0in">
  &nbsp;</div></div>
  &nbsp;<BR>
  
  <HR noshade align="center" width="100%" size=2>
  
  <page>
  <HR noshade color="#000000" width="90%">
  
  <TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
  <TD nowrap valign=top>
  <FONT size=2 face="serif">(1)</FONT><font size="2">&nbsp; &nbsp; &nbsp; </font> </TD>
  <TD width=100%>
  <FONT size=2 face="serif">Amount of securities to be registered are computed in accordance with Rule 457(h) promulgated under the Securities Act of 1933, as the maximum number of the Registrant's Common Stock issuable under the 2006 Stock
  Option/Stock Issuance Plan. This Registration Statement shall also cover any additional shares of Common Stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the
  receipt of consideration which results in an increase in the number of the outstanding shares of Common Stock.</FONT></TD>
  </TR>
  <TR>
  <TD nowrap valign=top>
  <FONT size=2 face="serif">(2)</FONT><font size="2">&nbsp; &nbsp; &nbsp; </font> </TD>
  <TD width=100%>
  <FONT size=2 face="serif">The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price are estimated in accordance with Rule 457(c) and Rule 457(h) promulgated under the Securities Act of 1933, as amended, solely for
  the purpose of calculating the amount of the registration fee based on the average of the high and low prices per share of the Common Stock as reported on the OTC Bulletin Board on February
  22, 2006.</FONT></TD>
  </TR>
  <TR>
  <TD nowrap valign=top>
  <FONT size=2 face="serif">(3)</FONT><font size="2">&nbsp; &nbsp; &nbsp; </font> </TD>
  <TD width=100%>
  <FONT size=2 face="serif">The amount of the Registration fee was calculated
  pursuant to Section 6(b) of the Securities Act of 1933 which provides that the
  fee shall be $107 per &#36;1,000,000 of the proposed maximum aggregate offering price of
  the securities proposed to be registered.</FONT></TD>
  </TR>
  <TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
  <HR noshade color="#000000" width="90%">
  <P align="center">
  <B><FONT size=2 face="Times New Roman">CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED<BR>
  REGISTRATION STATEMENT ON FORM S-8 <BR>
  <BR>
  PART II <BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</FONT></B></P>
  <B><FONT size=2 face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp; </FONT><I>
  <FONT size=2 face="Times New Roman">Incorporation of Documents by Reference</FONT></I></B><font size="2" face="Times New Roman"><BR>
  </font>
  <P style="text-indent: 0.5in">
  <FONT size=2 face="Times New Roman">There are hereby incorporated by reference into this Registration Statement and into the Prospectuses relating to this Registration Statement pursuant to Rule 428 the following documents and information previously filed
  with the Securities and Exchange Commission (the &#147;Commission&#148;): </FONT></P>
  <P style="text-indent: 0.5in">
  <FONT size=2 face="Times New Roman">1. China North East Petroleum Holdings Limited&#146;s Annual Report on Form 10-KSB for the fiscal year ended December 31, 2004, filed with the Commission on May 18, 2005. </FONT></P>
  <P style="text-indent: 0.5in">
  <FONT size=2 face="Times New Roman">2. China North East Petroleum Holdings Limited&#146;s Quarterly Report on Form 10-QSB for the
  quarterly period ended March 31, 2005, filed with the Commission on June 17, 2005. </FONT></P>
  <P style="text-indent: 0.5in">
  <FONT size=2 face="Times New Roman">3. China North East Petroleum Holdings Limited&#146;s Quarterly Report on Form 10-QSB for the
  quarterly period ended June 30, 2005, filed with the Commission on August 15, 2005.</FONT></P>
  <P style="text-indent: 0.5in">
  <font face="Times New Roman" size="2">4. China North East Petroleum Holdings
  Limited's Amended Quarterly Report on Form 10-QSB for the quarterly period ended June 30, 2005, filed with the Commission on November 23, 2005.</font></P>
  <P style="text-indent: 0.5in">
  <font face="Times New Roman" size="2">5. China North East Petroleum Holdings Limited&#146;s Quarterly Report on Form 10-QSB for the
  quarterly period ended September 30, 2005, filed with the
  Commission on November 23, 2005. </font></P>
  <P style="text-indent: 0.5in">
  <font face="Times New Roman" size="2">6. The Company&#146;s Current Reports on Form 8-K filed on May 4, 2005, July 1, 2005, November 23, 2005,
  and February 3, 2006; and </font></P>
  <P style="text-indent: 0.5in">
  <font face="Times New Roman" size="2">7. The description of the Company's common stock, &#36;0.001 per value (the "Common Stock"), set forth under the caption "Description of Registrant's Securities to be Registered" in the Company's Registration Statement on
  Form 10-SB filed June 5, 2002, effective 60 days thereafter, and amended August 2, 2002 and October 17, 2002, contained on page 16 of the Company&#146;s amended registration statement (Commission file no. 000-49846).
  </font></P>
  <P style="text-indent: 0.5in">
  <FONT size=2 face="Times New Roman">All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which registers all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such documents.</FONT></P>
  	<P align="center"><FONT face="Times New Roman">2</FONT></P>
  
  <HR noshade align="center" width="100%" size=2>
  
  <font face="Times New Roman"><font size="2">
  
  <page>
  </font>
  <A name="page_3"><font size="2"></font></A>
  
  </font>
  
  <P>
  <FONT size=2 face="Times New Roman">Any statement contained in the documents incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the
  extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference in this Registration Statement modifies or supersedes such statement. Any such statement so
  modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</FONT></P>
  <B><FONT size=2 face="Times New Roman">Item 4. </FONT><I>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; Description of Securities</FONT></I></B><P>
  <FONT size="2" face="Times New Roman"><B><I>&nbsp;&nbsp;&nbsp; </I></B>Not applicable. <BR>
  </FONT>
  <B><FONT size=2 face="Times New Roman"><BR>
  Item 5. </FONT><I><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; Interests of Named Experts and Counsel</FONT></I></B></P>
  <P>
  <FONT size=2 face="Times New Roman">The validity of the shares being offered hereby will be passed upon for the Company by The Crone Law Group, LLP, counsel to the Company. Members of The Crone Law Group, LLP are receiving 250,000 shares of the Company's
  common stock registered pursuant to this Registration Statement as compensation for legal services incurred by the Company to date
  for services that do not involve an offering of the Registrant's securities. Members of The Crone Law Group, LLP may receive additional shares of the Company&#146;s common stock registered
  pursuant to this registration statement as compensation for additional legal services provided to the Company by The Crone Law Group, LLP if and when approved by the Company&#146;s Board of Directors. The Crone Law Group, LLP also receives cash
  payments from the Company as compensation for legal services. Members of The Crone Law Group, LLP, will also receive options to purchase an aggregate of 50,000 shares of the Company's common stock registered under this Registration Statement
  for services that do not involve an offering of the Registrant's securities. The
  Crone Law Group, LLP does not own any shares of the Company&#146;s common stock as of the effective date of this registration statement. </FONT></P>
  <B><FONT size=2 face="Times New Roman">Item 6. </FONT><I>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; Indemnification of Directors and Officers</FONT></I></B><P>
  <FONT size=2 face="Times New Roman">The only statutes, charter provisions, by-laws, contracts or other arrangements under which any controlling person, director or officer of the Company is or may be insured or indemnified against any liability which he may
  incur in that capacity, are as follows: </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; A. Sections 78.037, 78.7502, 78.751, and 78.752 of the Nevada Revised Statutes offer limitation of liability protection for officers and directors, indemnification protection of officers, directors, employees and agents of
  a Nevada corporation, and provide that Nevada corporations may purchase insurance to protect directors, officers, employees and agents. They generally provide that:</FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; (a) a Nevada corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
  investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,
  employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with
  the action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause
  to believe his conduct was unlawful; </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; (b) a Nevada corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
  in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
  joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or </FONT></P>
  	<P align="center">
  3</P>
  
  <HR noshade align="center" width="100%" size=2>
  
  <font face="Times New Roman"><font size="2">
  
  <page>
  </font>
  <A name="page_4"><font size="2"></font></A>
  
  </font>
  
  <P>
  <FONT size=2 face="Times New Roman">settlement of the action or suit if he acted
  in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent
  jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of
  competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper; and </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; (c) to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to above, or in defense of any claim, issue
  or matter therein, the corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense. </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; B. Article IX of the Company's articles of incorporation provides that to the fullest extent allowed by law, the directors and executive officers of the Company shall be entitled to indemnification from the Company for acts
  and omissions taking place in connection with their activities in such capacities. </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; C. Article VIII of the Company's by-laws provides indemnification rights to the Company's officers, directors or controlling persons in a manner similar to the Nevada statutes described above. </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp; D. Although Nevada law provides that Nevada corporations may purchase liability insurance to protect officers and directors, the Company has no directors and officers insurance or any other type of insurance that insures
  its officers, directors or controlling persons against liabilities that may arise against them in those capacities. </FONT></P>
  <TABLE border=0 cellspacing=1 cellpadding=0 width="596" style="border-collapse: collapse">
  <TR valign="bottom">
  <TD width="12%" align=left>
  <B><FONT size=2 face="Times New Roman">Item 7.</FONT></B><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="42%" align=left>
  <B><I><FONT size=2 face="Times New Roman">Exemption from Registration Claimed</FONT></I><font size="2" face="Times New Roman">&nbsp;
  </font>
  </B>
  </TD>
  <TD width="15%" align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="30%" align=left>
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="54%" colspan=2 align=left>
   &nbsp;</TD>
  <TD width="15%" align=left>
  &nbsp;</TD>
  <TD width="30%" align=left>
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="54%" colspan=2 align=left>
   <font size="2" face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp;Not applicable.&nbsp;
  </font>
  </TD>
  <TD width="15%" align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="30%" align=left>
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="12%" align=left>
  &nbsp;</TD>
  <TD width="42%" align=left>
  &nbsp;</TD>
  <TD width="15%" align=left>
  &nbsp;</TD>
  <TD width="30%" align=left style="border-bottom-style: none; border-bottom-width: medium">
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="12%" align=left>
  <B><FONT size=2 face="Times New Roman">Item 8.</FONT></B><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="42%" align=left>
  <B><I><FONT size=2 face="Times New Roman">Exhibits</FONT></I></B><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="15%" align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="30%" align=left style="border-bottom-style: none; border-bottom-width: medium">
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="12%" align=left>
  &nbsp;</TD>
  <TD width="42%" align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="15%" align=left style="border-right-style: none; border-right-width: medium">
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="30%" align=left style="border-style: none; border-width: medium">
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="12%" align=left style="border-bottom: 1px solid #000000">
  <P style="margin-top: 0; margin-bottom: 0">
  <B><FONT size=2 face="Times New Roman">Exhibit<BR>
  Number</FONT></B><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="42%" align=left>
  <P style="margin-top: 0; margin-bottom: 0">
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="15%" align=left style="border-bottom: 1px solid #000000; border-right-style:none; border-right-width:medium">
  <P style="margin-top: 0; margin-bottom: 0" align="center">
  <B><FONT size=2 face="Times New Roman">Document</FONT></B><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="30%" align=left style="border-bottom: medium none #000000; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
  &nbsp;</TD>
  </TR>
  </TABLE>&nbsp;<TABLE border=0 cellspacing=1 cellpadding=0 width="598" style="border-collapse: collapse">
  <TR valign="bottom">
  <TD width="11%" align=right>
  <FONT size=2 face="Times New Roman">4.1&nbsp;
  </FONT>
  </TD>
  <TD width="4%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  <FONT size=2 face="Times New Roman">Registrant&#146;s 2006 Stock Option/Stock Issuance Plan&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="11%" align=right>
  <FONT size=2 face="Times New Roman">5.1&nbsp;
  </FONT>
  </TD>
  <TD width="4%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  <FONT size=2 face="Times New Roman">Opinion of The Crone Law Group, LLP, as to legality of securities being registered&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="11%" align=right>
  <FONT size=2 face="Times New Roman">23.1&nbsp;
  </FONT>
  </TD>
  <TD width="4%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  <FONT size=2 face="Times New Roman">Consent of Jimmy C.H. Cheung &amp; Co., CPA, Independent Auditors&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="11%" align=right>
  <FONT size=2 face="Times New Roman">23.2&nbsp;
  </FONT>
  </TD>
  <TD width="4%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  <FONT size=2 face="Times New Roman">Consent of Counsel (contained in Exhibit 5.1)&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="11%" align=right>
  <FONT size=2 face="Times New Roman">24.1&nbsp;
  </FONT>
  </TD>
  <TD width="4%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  <FONT size=2 face="Times New Roman">Power of Attorney (see page 7)&nbsp;
  </FONT>
  </TD>
  </TR>
  </TABLE><font size="2" face="Times New Roman"><BR>
  </font>
  <B><FONT size=2 face="Times New Roman">Item 9. </FONT><I>
  <FONT size=2 face="Times New Roman">Undertakings</FONT></I></B><p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
  <TABLE border=0 cellspacing=1 cellpadding=0 width="597" style="border-collapse: collapse">
  <TR valign="bottom">
  <TD width=100% align=center>
  <P align="left">
  <FONT size=2 face="Times New Roman">(a) The undersigned Registrant hereby undertakes:&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width=100% align=center>
  <P align="left">
  <FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp; To file, during any period in which offers or sales are being made, a post-effective amendment to&nbsp;this Registration Statement:&nbsp;&nbsp;
  </FONT>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width=100% align=left>
   <font size="2" face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;
  (i)&nbsp;&nbsp;&nbsp; To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</font></TD>
  </TR>
  <TR valign="bottom">
  <TD width=100% align=left>
   <font size="2" face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;
  </font>
  </TD>
  </TR>
  </TABLE>
  	<P align="center"><BR>
  
  	4</P>
  
  <HR noshade align="center" width="100%" size=2>
  
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
  
  <font face="Times New Roman"><font size="2">
  
  <page>
  </font>
  <A name="page_5"><font size="2"></font></A>
  
  </font>
  
  <TABLE border=0 cellspacing=0 cellpadding=0 width="600">
  <TR>
  <TD width="70" valign="top">
  <P align="right">
  <FONT size=2 face="Times New Roman">(ii)</FONT></TD><TD width=14>
  &nbsp;</TD>
  <TD width=516>
  <P style="margin-top: 0; margin-bottom: 0"><FONT size=2 face="Times New Roman">To reflect
  in the prospectus any facts or events, which individually or together, and represent a fundamental change in the
  information 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;</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top width="70">
  <P align="right">
  <FONT size=2 face="Times New Roman">(iii)</FONT></TD>
  <TD width=14>
  &nbsp;</TD>
  <TD width=516>
  <FONT size=2 face="Times New Roman">To include any additional or changed material information
  on the plan of distribution;</FONT></TD>
  </TR>
  </TABLE>
  <P>
  <FONT size=2 face="Times New Roman">Provided however, That:<BR>
  Paragraphs (a)(1)(i) and (a)(1)(ii) of this Section do not apply if the Registration Statement is on Form S-8 (&sect;239.16b of this Chapter), and the information required to be included in a post-effective amendment by
  those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
  Registration Statement. </FONT></P>
  <TABLE border=0 cellspacing=0 cellpadding=0 width="600">
  <TR>
  <TD nowrap valign=top width="28">
  &nbsp;</TD>
  <TD nowrap valign=top width="21">
  <FONT size=2 face="Times New Roman">(2)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=100%>
  <FONT size=2 face="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 </FONT><I>
  <FONT size=2 face="Times New Roman">bona fide </FONT></I>
  <FONT size=2 face="Times New Roman">offering thereof.</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top width="28">
  &nbsp;</TD>
  <TD nowrap valign=top width="21">
  <FONT size=2 face="Times New Roman">(3)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=100%>
  <FONT size=2 face="Times New Roman">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.</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR>
  <TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
  
  	<P align="center">5</P>
  
  <HR noshade align="center" width="100%" size=2>
  
  <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
  
  <font face="Times New Roman"><font size="2">
  
  <page>
  </font>
  <A name="page_6"><font size="2"></font></A>
  
  </font>
  
  <TABLE border=0 cellspacing=0 cellpadding=0 width="600">
  <TR>
  <TD nowrap valign=top width="26">
  &nbsp;</TD>
  <TD nowrap valign=top width="22">
  <FONT size=2 face="Times New Roman">(4)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=100% colspan=2>
  <FONT size=2 face="Times New Roman">That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:</FONT></TD>
  </TR>
  <TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="26">&nbsp;</TD>
  <TD width="22">&nbsp;</TD><TD width=100% colspan=2>
  <FONT size=2 face="Times New Roman">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the
  purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such
  purchaser:</FONT></TD>
  </TR>
  <TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="26">&nbsp;</TD>
  <TD width="22">&nbsp;</TD><TD nowrap valign=top>
  <FONT size=2 face="Times New Roman">(i)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=522>
  <FONT size=2 face="Times New Roman">Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this Chapter);</FONT></TD>
  </TR>
  <TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="26">&nbsp;</TD>
  <TD width="22">&nbsp;</TD><TD nowrap valign=top>
  <FONT size=2 face="Times New Roman">(ii)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=522>
  <FONT size=2 face="Times New Roman">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;</FONT></TD>
  </TR>
  <TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="26">&nbsp;</TD>
  <TD width="22">&nbsp;</TD><TD nowrap valign=top>
  <FONT size=2 face="Times New Roman">(iii)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=522>
  <FONT size=2 face="Times New Roman">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant;
  and</FONT></TD>
  </TR>
  <TR><TD colspan=4>&nbsp;</TD></TR><TR>
  <TD width="26">&nbsp;</TD>
  <TD width="22">&nbsp;</TD><TD nowrap valign=top>
  <FONT size=2 face="Times New Roman">(iv)&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=522>
  <FONT size=2 face="Times New Roman">Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</FONT></TD>
  </TR>
  <TR><TD colspan=4>&nbsp;</TD></TR></TABLE>
  <TABLE border=0 cellspacing=0 cellpadding=0>
  <TR><TD>&nbsp;</TD></TR></TABLE>
  
  	<P align="center">6</P>
  
  <HR noshade align="center" width="100%" size=2>
  
  <page>
  <P align="center">
  <B><FONT size=2 face="Times New Roman">SIGNATURES</FONT></B><font size="2" face="Times New Roman"><BR>
  </font>
  </P>
  <P>
  <FONT size=2 face="Times New Roman">Pursuant to the requirements of the
  Securities Act of 1933, the Registrant, China North East Petroleum Holdings
  Limited, 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, on the 23<SUP>rd </SUP>day of February, 2006. </FONT></P>
  <table border="0" width="100%" id="table2" cellspacing="0" cellpadding="0">
  <tr>
  <td>&nbsp;</td>
  <td width="294"><FONT size=2 face="Times New Roman">China North East Petroleum Holdings Limited<BR>
  </FONT></td>
  </tr>
  <tr>
  <td>&nbsp;</td>
  <td width="294">&nbsp;</td>
  </tr>
  <tr>
  <td>&nbsp;</td>
  <td width="294" style="border-bottom: 1px solid #000000">
  <FONT size=2 face="Times New Roman">/s/ Wang Hong Jun</FONT></td>
  </tr>
  <tr>
  <td>&nbsp;</td>
  <td width="294">
  <FONT size=2 face="Times New Roman">Wang Hong Jun</FONT></td>
  </tr>
  <tr>
  <td>&nbsp;</td>
  <td width="294">
  <B><FONT size=2 face="Times New Roman">President and Chief Executive Officer</FONT></B></td>
  </tr>
  </table>
  <P align="center">
  <B><FONT size=2 face="Times New Roman">POWER OF ATTORNEY</FONT></B><font size="2" face="Times New Roman"><BR>
  </font>
  </P>
  <P>
  <B><FONT size=2 face="Times New Roman">KNOW ALL PERSONS BY THESE PRESENTS</FONT></B><FONT size=2 face="Times New Roman">, that each person whose signature appears below constitutes and appoints Wang Hong Jun, as his attorney-in-fact, with full power of substitution,
  for him and in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments) and to file the same, with all exhibits thereto and other documents in connection therewith, with the
  Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorney to any and all amendments to the Registration Statement. </FONT></P>
  <P>
  <FONT size=2 face="Times New Roman">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. </FONT></P>
  <DIV align="center">
  <TABLE border=0 cellspacing=1 cellpadding=0 style="border-collapse: collapse" width="604">
  <TR valign="bottom">
  <TD width=4% align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="27%" align=center>
  <U>
  <B><FONT size=2 face="Times New Roman">Signature</FONT></B></U><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="5%" align=center>
  &nbsp;</TD>
  <TD width="37%" align=center>
  <U>
  <B><FONT size=2 face="Times New Roman">Title</FONT></B></U><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="26%" align=center>
  <U>
  <B><FONT size=2 face="Times New Roman">Date</FONT></B></U><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  </TR>
  <TR>
  <TD colspan=5>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="31%" align=left valign="top" colspan="2">
   <DIV style="border-bottom: 1px solid #000000">
   <font size="2" face="Times New Roman">&nbsp;/s/ Wang Hong Jun&nbsp;
  </font></DIV>
  </TD>
  <TD width="5%" align=left rowspan="2" valign="top">
  &nbsp;</TD>
  <TD width="37%" align=left rowspan="2" valign="top">
  <P style="margin-top: 0; margin-bottom: 0">
  <FONT size=2 face="Times New Roman">President and Chief Executive Officer&nbsp;and
  Chairman of the Board (Principal Executive Officer)</FONT></TD>
  <TD width="26%" align=center rowspan="2" valign="top">
  <FONT size=2 face="Times New Roman">February 23, 2006</FONT></TD>
  </TR>
  <TR valign="bottom">
  <TD width="31%" align=left height="28" valign="top" colspan="2">
  <B><FONT size=2 face="Times New Roman">Wang, Hong Jun</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD width=4% align=left valign="top">
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="27%" align=center valign="top">
  &nbsp;</TD>
  <TD width="5%" align=left valign="top">
  &nbsp;</TD>
  <TD width="37%" align=left valign="top">
  &nbsp;</TD>
  <TD width="26%" align=left valign="top">
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="31%" align=left valign="top" colspan="2">
  <DIV style="border-bottom: 1px solid #000000">
  <FONT size=2 face="Times New Roman">/s/&nbsp;Wei Guo Ping&nbsp;
  </FONT></DIV>
  </TD>
  <TD width="5%" align=left rowspan="2" valign="top">
  &nbsp;</TD>
  <TD width="37%" align=left rowspan="2" valign="top">
  <P style="margin-top: 0; margin-bottom: 0">
  <FONT size=2 face="Times New Roman">Chief Financial Officer and Director <BR>
  (Principal Accounting Officer)</FONT></TD>
  <TD width="26%" align=center rowspan="2" valign="top">
  <FONT size=2 face="Times New Roman">February 23, 2006</FONT></TD>
  </TR>
  <TR valign="bottom">
  <TD width="31%" align=left height="15" valign="top" colspan="2">
  <B><FONT size=2 face="Times New Roman">Wei, Guo Ping</FONT></B></TD>
  </TR>
  <TR valign="bottom">
  <TD width=4% align=left valign="top">
  &nbsp;</TD>
  <TD width="27%" align=center valign="top">
  &nbsp;</TD>
  <TD width="5%" align=left valign="top">
  &nbsp;</TD>
  <TD width="37%" align=left valign="top">
  &nbsp;</TD>
  <TD width="26%" align=left valign="top">
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="31%" align=left valign="top" colspan="2">
  <DIV style="border-bottom: 1px solid #000000">
  <FONT size=2 face="Times New Roman">/s/ Yu Liguo&nbsp; </FONT></DIV>
  </TD>
  <TD width="5%" align=left rowspan="2" valign="top">
  &nbsp;</TD>
  <TD width="37%" align=left rowspan="2" valign="top">
  <P style="margin-top: 0; margin-bottom: 0">
  <FONT size=2 face="Times New Roman">Director</FONT></P>
  </TD>
  <TD width="26%" align=center rowspan="2" valign="top">
  <FONT size=2 face="Times New Roman">February 23, 2006</FONT></TD>
  </TR>
  <TR valign="bottom">
  <TD width="31%" align=left height="15" valign="top" colspan="2">
  <P align="left">
  <B><FONT size=2 face="Times New Roman">Yu Liguo</FONT></B></TD>
  </TR>
  </TABLE></DIV>
  	<P align="center">7</P>
  
  <HR noshade align="center" width="100%" size=2>
  
  <font face="Times New Roman"><font size="2">
  
  <page>
  </font>
  <A name="page_9"><font size="2"></font></A>
  
  </font>
  
  <TABLE border=0 cellspacing=1 cellpadding=0 width="602" style="border-collapse: collapse">
  <TR valign="bottom">
  <TD width="13%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="13%" align=left>
  &nbsp;</TD>
  <TD width="86%" align=left>
  &nbsp;</TD>
  </TR>
  <TR valign="bottom">
  <TD width="13%" align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  <TD width="86%" align=left>
  <p align="center">
  <B><FONT size=2 face="Times New Roman">INDEX TO EXHIBITS</FONT></B><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  </TR>
  <TR>
  <TD colspan=2>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  </TR>
  <TR valign="bottom">
  <TD width="13%" align=center>
  <B><FONT size=2 face="Times New Roman">Exhibit<BR>
  <U>Number</U></FONT></B></TD>
  <TD width="86%" align=left>
  <font size="2" face="Times New Roman">&nbsp;
  </font>
  <P><font size="2" face="Times New Roman">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font><U><B><FONT size=2 face="Times New Roman">Document</FONT></B></U><font size="2" face="Times New Roman">&nbsp;
  </font>
  </TD>
  </TR>
  </TABLE><font size="2" face="Times New Roman"><BR>
  </font>
  <TABLE border=0 cellspacing=0 cellpadding=0 width="600">
  <TR>
  <TD valign=top align=right width="28">
  &nbsp;</TD>
  <TD valign=top align=right width="64">
  <p align="left">
  <FONT size=2 face="Times New Roman">4.1&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=508 valign="top">
  <FONT size=2 face="Times New Roman">Registrant&#146;s 2006 Stock Option/Stock Issuance Plan</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top align=right width="28">
  &nbsp;</TD>
  <TD valign=top align=left width="64">
  <FONT size=2 face="Times New Roman">5.1&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=508 valign="top">
  <FONT size=2 face="Times New Roman">Opinion of The Crone Law Group, LLP, as to legality of securities being registered</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top align=right width="28">
  &nbsp;</TD>
  <TD valign=top align=left width="64">
  <FONT size=2 face="Times New Roman">23.1&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=508 valign="top">
  <FONT size=2 face="Times New Roman">Consent of Jimmy C.H. Cheung &amp; Co., CPA, Independent Auditors</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top align=right width="28">
  &nbsp;</TD>
  <TD valign=top align=left width="64">
  <FONT size=2 face="Times New Roman">23.2&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=508 valign="top">
  <FONT size=2 face="Times New Roman">Consent of Counsel (contained in Exhibit 5.1)</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR><TR>
  <TD valign=top align=right width="28">
  &nbsp;</TD>
  <TD valign=top align=left width="64">
  <FONT size=2 face="Times New Roman">24.1&nbsp; &nbsp; &nbsp; </FONT> </TD>
  <TD width=508 valign="top">
  <FONT size=2 face="Times New Roman">Power of Attorney (see page 7)</FONT></TD>
  </TR>
  <TR><TD colspan=3>&nbsp;</TD></TR></TABLE>
  
  <HR noshade align="center" width="100%" size=2>
  </DIV>
  </BODY>
  
  </HTML>
metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "s22063s8.htm", "secsgml_size_bytes": 44557}]
metadata_filer: {"company-data": {"conformed-name": "CHINA NORTH EAST PETROLEUM HOLDINGS LTD", "cik": "0000787251", "assigned-sic": "1311", "irs-number": "870638750", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-132063", "film-number": "06647089"}, "business-address": {"street1": "20337 RIMVIEW PLACE", "city": "WALNUT", "state": "CA", "zip": "91789", "phone": "909-468-1858"}, "mail-address": {"street1": "20337 RIMVIEW PLACE", "city": "WALNUT", "state": "CA", "zip": "91789"}, "former-company": [{"former-conformed-name": "DRACO HOLDING CORP/NV", "date-changed": "20000420"}, {"former-conformed-name": "DRACO CORP", "date-changed": "20000420"}]}
text: As filed with the Securities and Exchange Commission on February
  27, 2006
  Registration No.
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED
  (Exact name of Registrant as specified in its charter)
  Nevada
  87-0638750
  (State of
  incorporation)
  (I.R.S. Employer Identification No.)
  20337 Rimview Place
  Walnut, California 91789
  (Address, including zip code, of Registrant's principal executive offices)
  2006 STOCK OPTION/STOCK ISSUANCE PLAN
  (Full title of the plans)
  Wang Hong Jun
  President
  China North East Petroleum Holdings Limited
  20337 Rimview Place
  Walnut, California 91789
  (909) 268-2840
  (Name, address, and telephone number,
  including area code, of agent for service)
  Copy to:
  Mark Crone, Esq.
  The Crone Law Group LLP
  201 Mission Street, Suite 1930
  San Francisco, CA 94105
  (415) 495-8900
  CALCULATION OF REGISTRATION FEE
  Title of Securities to be Registered
  Amount
  to be
  Registered(1)
  Proposed
  Maximum
  Offering Price
  Per Share(2)
  Proposed
  Maximum Aggregate
  Offering Price(2)
  Amount of
  Registration
  Fee(3)
  Common Stock, $.001 par value to be issued under Registrant's 2006 Stock Option/Stock Issuance Plan
  2,450,000
  $0.445
  $1,090,250
  $116.66
  Common Stock, $.001 par value to be issued under Registrant's 2006 Stock Option/Stock Issuance Plan
  50,000
  $0.25
  $12,500
  $1.34
  Total
  2,500,000
  -
  $1,102,750
  $118.00
  (1)
  Amount of securities to be registered are computed in accordance with Rule 457(h) promulgated under the Securities Act of 1933, as the maximum number of the Registrant's Common Stock issuable under the 2006 Stock
  Option/Stock Issuance Plan. This Registration Statement shall also cover any additional shares of Common Stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the
  receipt of consideration which results in an increase in the number of the outstanding shares of Common Stock.
  (2)
  The Proposed Maximum Offering Price Per Share and Proposed Maximum Aggregate Offering Price are estimated in accordance with Rule 457(c) and Rule 457(h) promulgated under the Securities Act of 1933, as amended, solely for
  the purpose of calculating the amount of the registration fee based on the average of the high and low prices per share of the Common Stock as reported on the OTC Bulletin Board on February
  22, 2006.
  (3)
  The amount of the Registration fee was calculated
  pursuant to Section 6(b) of the Securities Act of 1933 which provides that the
  fee shall be $107 per $1,000,000 of the proposed maximum aggregate offering price of
  the securities proposed to be registered.
  CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED
  REGISTRATION STATEMENT ON FORM S-8
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents by Reference
  There are hereby incorporated by reference into this Registration Statement and into the Prospectuses relating to this Registration Statement pursuant to Rule 428 the following documents and information previously filed
  with the Securities and Exchange Commission (the "Commission"):
  1. China North East Petroleum Holdings Limited's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2004, filed with the Commission on May 18, 2005.
  2. China North East Petroleum Holdings Limited's Quarterly Report on Form 10-QSB for the
  quarterly period ended March 31, 2005, filed with the Commission on June 17, 2005.
  3. China North East Petroleum Holdings Limited's Quarterly Report on Form 10-QSB for the
  quarterly period ended June 30, 2005, filed with the Commission on August 15, 2005.
  4. China North East Petroleum Holdings
  Limited's Amended Quarterly Report on Form 10-QSB for the quarterly period ended June 30, 2005, filed with the Commission on November 23, 2005.
  5. China North East Petroleum Holdings Limited's Quarterly Report on Form 10-QSB for the
  quarterly period ended September 30, 2005, filed with the
  Commission on November 23, 2005.
  6. The Company's Current Reports on Form 8-K filed on May 4, 2005, July 1, 2005, November 23, 2005,
  and February 3, 2006; and
  7. The description of the Company's common stock, $0.001 per value (the "Common Stock"), set forth under the caption "Description of Registrant's Securities to be Registered" in the Company's Registration Statement on
  Form 10-SB filed June 5, 2002, effective 60 days thereafter, and amended August 2, 2002 and October 17, 2002, contained on page 16 of the Company's amended registration statement (Commission file no. 000-49846).
  All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which registers all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such documents.
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  Any statement contained in the documents incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the
  extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference in this Registration Statement modifies or supersedes such statement. Any such statement so
  modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
  Item 4.
  Description of Securities
  Not applicable.
  Item 5.
  Interests of Named Experts and Counsel
  The validity of the shares being offered hereby will be passed upon for the Company by The Crone Law Group, LLP, counsel to the Company. Members of The Crone Law Group, LLP are receiving 250,000 shares of the Company's
  common stock registered pursuant to this Registration Statement as compensation for legal services incurred by the Company to date
  for services that do not involve an offering of the Registrant's securities. Members of The Crone Law Group, LLP may receive additional shares of the Company's common stock registered
  pursuant to this registration statement as compensation for additional legal services provided to the Company by The Crone Law Group, LLP if and when approved by the Company's Board of Directors. The Crone Law Group, LLP also receives cash
  payments from the Company as compensation for legal services. Members of The Crone Law Group, LLP, will also receive options to purchase an aggregate of 50,000 shares of the Company's common stock registered under this Registration Statement
  for services that do not involve an offering of the Registrant's securities. The
  Crone Law Group, LLP does not own any shares of the Company's common stock as of the effective date of this registration statement.
  Item 6.
  Indemnification of Directors and Officers
  The only statutes, charter provisions, by-laws, contracts or other arrangements under which any controlling person, director or officer of the Company is or may be insured or indemnified against any liability which he may
  incur in that capacity, are as follows:
  A. Sections 78.037, 78.7502, 78.751, and 78.752 of the Nevada Revised Statutes offer limitation of liability protection for officers and directors, indemnification protection of officers, directors, employees and agents of
  a Nevada corporation, and provide that Nevada corporations may purchase insurance to protect directors, officers, employees and agents. They generally provide that:
  (a) a Nevada corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
  investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,
  employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with
  the action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause
  to believe his conduct was unlawful;
  (b) a Nevada corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
  in its favor by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
  joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or
  3
  settlement of the action or suit if he acted
  in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent
  jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of
  competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper; and
  (c) to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to above, or in defense of any claim, issue
  or matter therein, the corporation shall indemnify him against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with the defense.
  B. Article IX of the Company's articles of incorporation provides that to the fullest extent allowed by law, the directors and executive officers of the Company shall be entitled to indemnification from the Company for acts
  and omissions taking place in connection with their activities in such capacities.
  C. Article VIII of the Company's by-laws provides indemnification rights to the Company's officers, directors or controlling persons in a manner similar to the Nevada statutes described above.
  D. Although Nevada law provides that Nevada corporations may purchase liability insurance to protect officers and directors, the Company has no directors and officers insurance or any other type of insurance that insures
  its officers, directors or controlling persons against liabilities that may arise against them in those capacities.
  Item 7.
  Exemption from Registration Claimed
  Not applicable.
  Item 8.
  Exhibits
  Exhibit
  Number
  Document
  4.1
  Registrant's 2006 Stock Option/Stock Issuance Plan
  5.1
  Opinion of The Crone Law Group, LLP, as to legality of securities being registered
  23.1
  Consent of Jimmy C.H. Cheung & Co., CPA, Independent Auditors
  23.2
  Consent of Counsel (contained in Exhibit 5.1)
  24.1
  Power of Attorney (see page 7)
  Item 9.
  Undertakings
  (a) The undersigned Registrant hereby undertakes:
  (1)   To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
  (i)    To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
  4
  (ii)
  To reflect
  in the prospectus any facts or events, which individually or together, and represent a fundamental change in the
  information 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;
  (iii)
  To include any additional or changed material information
  on the plan of distribution;
  Provided however, That:
  Paragraphs (a)(1)(i) and (a)(1)(ii) of this Section do not apply if the Registration Statement is on Form S-8 (§239.16b of this Chapter), and the information required to be included in a post-effective amendment by
  those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
  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.
  (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.
  5
  (4)
  That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:
  The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the
  purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such
  purchaser:
  (i)
  Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 (§230.424 of this Chapter);
  (ii)
  Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;
  (iii)
  The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant;
  and
  (iv)
  Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
  6
  SIGNATURES
  Pursuant to the requirements of the
  Securities Act of 1933, the Registrant, China North East Petroleum Holdings
  Limited, 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, on the 23
  rd
  day of February, 2006.
  China North East Petroleum Holdings Limited
  /s/ Wang Hong Jun
  Wang Hong Jun
  President and Chief Executive Officer
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY THESE PRESENTS
  , that each person whose signature appears below constitutes and appoints Wang Hong Jun, as his attorney-in-fact, with full power of substitution,
  for him and in any and all capacities, to sign any and all amendments to this Registration Statement (including post-effective amendments) and to file the same, with all exhibits thereto and other documents in connection therewith, with the
  Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorney to any and all amendments to the Registration Statement.
  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/ Wang Hong Jun
  President and Chief Executive Officer and
  Chairman of the Board (Principal Executive Officer)
  February 23, 2006
  Wang, Hong Jun
  /s/ Wei Guo Ping
  Chief Financial Officer and Director
  (Principal Accounting Officer)
  February 23, 2006
  Wei, Guo Ping
  /s/ Yu Liguo
  Director
  February 23, 2006
  Yu Liguo
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  INDEX TO EXHIBITS
  Exhibit
  Number
  Document
  4.1
  Registrant's 2006 Stock Option/Stock Issuance Plan
  5.1
  Opinion of The Crone Law Group, LLP, as to legality of securities being registered
  23.1
  Consent of Jimmy C.H. Cheung & Co., CPA, Independent Auditors
  23.2
  Consent of Counsel (contained in Exhibit 5.1)
  24.1
  Power of Attorney (see page 7)