Hong Kong, October 24, 2010 - Oil and gas company Sino Oil and Gas Holdings Limited (“Sino Oil and Gas Holdings”, HKEx: 702) is pleased to receive a significant boost to its corporate development with the announcement of global institutional asset manager Och-Ziff Capital Management Group LLC (“Och-Ziff”) taking an approximate 6.05% stake in the Company.

On October 22, 2010, the Company entered a subscription agreement with subscribers managed by OZ Management LP, an operating entity of Och-Ziff. Pursuant to the agreement, the subscribers will subscribe for an aggregate of 432,220,000 subscription shares representing 6.44% and 6.05%, respectively of the Company’s existing and enlarged issued share capital. The subscription price is HK$0.45 per share, which represents a discount of approximately 11.8% to the closing price of HK$0.51 on the last trading date, and a discount of approximately 12.6% to the average closing prices of the last five consecutive trading days.

Och-Ziff is one of the world's largest institutional asset managers with offices in New York, London, Hong Kong, Mumbai and Beijing. As of October 1, 2010, Och-Ziff had approximately US$26.3 billion in assets under management.

Sino Oil and Gas Holdings Executive Director Dr. Dai Xiaobing remarked: “We are delighted to welcome Och-Ziff as a strategic investor and we look forward to working with them to roll out our plans of pursuing oil and gas development opportunities in the Ordos Basin in China. Och-Ziff’s investment philosophy of focusing on long-term value creation and its investment decisions based on detailed, research-based analysis and thorough due diligence validate the success of our management strength and investment focus.”

Net proceeds of approximately HK$194,300,000 from the placing are intended to be used for general working capital and as funds for future investments.

On the same day, the Company entered into a conditional warrants placing agreement for the placing of up to 250,000,000 warrants at an issue price of HK$0.005 with a subscription price of HK$0.53.

About Sino Oil and Gas
Sino Oil and Gas Holdings Limited (HKEx: 702) is an energy company with a key focus on oil and gas. The Group is committed to building a portfolio of oil and gas assets and operations with an aim to develop into one of the leading independent oil and gas companies in Greater China. The Group currently operates oil and gas fields in the PRC and the US.

Issued by :
Sino Oil and Gas Holdings Limited

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