Longwei Petroleum Gets Bullish Huajie Appraisal; Shares Hit Year High


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Longwei Petroleum Investment Holding Ltd. ( LPH ) has completed an independent appraisal of the assets purchased from Huajie Petroleum Co., Ltd.

The updated appraisal value of the Huajie assets was approximately $119.4 million, a 7.5% increase in value over the purchase price. The updated valuation report is also an increase of approximately $3.5 million from the February 13, 2011 independent valuation report.

LPH shares touched a new 52-week high of $2.24 earlier, and remain up 2.9% to $2.20.

Shares have traded in a year range of $0.92 - $2.24.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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