PAP Pacific Asia Petroleum, Inc.

Pacific Asia Petroleum, Inc. (NYSE Amex:PAP) (the “Company”), a U.S.-based energy company engaged in the development, production and distribution of oil and gas, today announced that, upon confirmation from the Securities and Exchange Commission, the Company has filed the definitive proxy statement (“Proxy Statement”) relating to the acquisition by the Company from CAMAC Energy Holdings Limited and certain of its affiliates (“CAMAC”) of all of CAMAC’s interest in the Oyo Oilfield.

The Proxy Statement, including notice of the special meeting and the accompanying proxy card, will be distributed to the Company’s stockholders beginning today.

A special meeting of the stockholders of the Company will be held on April 5, 2010 at 10:00 a.m. (Eastern Time) at the Westchester Marriot located in Tarrytown, New York, for the Company’s stockholders to consider and vote on the proposals set forth in the Proxy Statement, which have been unanimously approved by the Company’s Board of Directors.

To view the Proxy Statement, please visit the Company’s website at www.papetroleum.com or the SEC’s website at www.SEC.gov.

Subject to the satisfaction of the other conditions to closing, if the proposals related to the acquisition of CAMAC’s interest in the Oyo Oilfield are approved by the Company’s stockholders, the Company anticipates completing the transaction with CAMAC on or about April 7, 2010.

Commenting on the CAMAC transaction, Company President and CEO, Frank Ingriselli, stated, “We are pleased that the Company’s Board of Directors has unanimously approved this transaction which we believe will bring tremendous growth potential to the Company and increased stockholder value in the near future.” Mr. Ingriselli further commented, “We are very excited to present the proposals to our stockholders and are confident in their approval. We look forward to completing the transaction as planned and realizing the intended benefits and opportunities presented as our Company embarks on a new, exciting phase with our new strategic partners.”

Located in deep water approximately 50 miles offshore of Nigeria, the Oyo Oilfield commenced production in December 2010. CAMAC currently owns 60% of the interest in the Oyo Oilfield, with the other 40% owned by the field’s operator, Nigerian Agip Exploration Ltd., a subsidiary of Italy’s ENI SpA. Upon the closing of the transaction, CAMAC will own 62.74% of the Company’s issued and outstanding common stock and the name of the Company will be changed to “CAMAC Energy Inc.”.

The Company entered into the Purchase and Sale Agreement with CAMAC on November 18, 2009, as amended on March 8, 2010. For more information on the CAMAC transaction and the Oyo Oilfield, please visit www.papetroleum.com and the Company’s Proxy Statement available at www.SEC.gov.

About Pacific Asia Petroleum, Inc.

Pacific Asia Petroleum, Inc. (NYSE Amex: PAP) is a U.S. publicly-traded energy company engaged in the development, production and distribution of oil and gas and is focused on early cash flow, high return projects. The Company controls the rights to significant gas acreage under contract in China and is a strategic partner with several major energy companies in high-value oil fields in China. The Company was founded in 2005 by a group of former senior Texaco executives and is led by President and CEO Frank C. Ingriselli. Pacific Asia Petroleum is headquartered in Hartsdale, New York, and also has offices in Beijing, China.

About CAMAC International Corporation:

Founded in 1986 and headquartered in Houston, Texas, CAMAC International Corporation is a privately-held, global energy corporation with interests in the exploration and production of crude oil and natural gas in West Africa and South America energy properties, engineering and consulting services, and crude oil and refined products trading for markets in Africa, Europe, North America and South America. In 2008, CAMAC earned revenues of $2.43 billion.

Cautionary Statement Relevant To Forward-Looking Information

This press release may contain certain “forward-looking statements” relating to the business of Pacific Asia Petroleum, Inc. (the “Company”) and its subsidiaries. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the general ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. Words such as “anticipates,” “expects,” “plans,” “projects,” “believes,” “seeks,” “estimates,” and similar expressions are intended to identify such forward-looking statements. The statements are based upon management’s current expectations, estimates and projections, are not guarantees of future performance, and are subject to a variety of risks, uncertainties and other factors, some of which are beyond the Company’s control and are difficult to predict, including those discussed in the Company's periodic reports that are filed with the SEC and available on its website (http://www.sec.gov). You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Pacific Asia Petroleum undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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