X0303 4 2009-12-07 0 0001402281 Pacific Asia Petroleum Inc PAP 0001415554 Ingriselli Frank C 250 EAST HARTSDALE AVENUE SUITE 47 HARTSDALE NY 10530 1 1 0 0 CEO, President & Secretary Common Stock 2009-12-07 4 S 0 50000 D 3128579 D Common Stock 2009-12-08 4 A 0 87065 0 A 3215644 D Common Stock 2009-12-09 4 S 0 2800 3.98 D 3212844 D Common Stock 50000 I By son Employee Stock Option (Right to Buy) 4.02 2009-12-08 4 A 0 170139 0 A 2014-12-08 Common Stock 170139 940139 D Sales pursuant to Rule 10b5-1 Plan established August 17, 2009 and administered by Fidelity Investments. 6,599 shares were sold at $4.26; 1,000 at $4.27; 4,730 at $4.28; 10,739 at $4.30; 2,844 at $4.31; 2,160 at $4.32; 300 at $4.33; 1,000 at $4.35; 1,850 at $4.36; 2,200 at $4.37; 2,350 at $4.38; 650 at $4.39; 4,550 at $4.40; 100 at $4.42; 5,300 at $4.44; 950 at $4.45; 938 at $4.47; 1,400 at $4.50; 140 at $4.52 and 200 at $4.53 on 12/7/09. Common Stock of Issuer granted to Reporting Person pursuant to Issuer's 2009 Equity Incentive Plan and subject thereto. Grant of restricted stock subject to forfeiture. 50% of the shares will become vested and nonforfeitable on the six (6) month anniversary of the Grant Date, 25% of the shares will become vested and nonforfeitable on the thirteenth (13th) month anniversary of the Grant Date, and the balance 25% of the shares will become vested and nonforfeitable on the twenty-fifth (25th) month anniversary of the Grant Date, for so long as the recipient of the stock remains an employee of or consultant to the Company and subject to the terms and conditions of the Restricted Stock Purchase Agreement entered into by and between the Company and the Grantee. Options to purchase Common Stock of Issuer pursuant to Issuer's 2009 Equity Incentive Plan and subject thereto. Vesting at the rate of (i) 50% of the shares on the six (6) month anniversary of the Grant Date, (ii) 25% of the shares on the thirteenth (13th) month anniversary of the Grant Date, and (iii) 25% of the shares on the twenty-fifth (25th) month anniversary of the Grant Date, for so long as the recipient of the Option remains an employee of or consultant to the Company, and subject to the terms and conditions of the Stock Option Agreement entered into by and between the Company and the Optionee. /s/ Clark Moore, Attorney in Fact 2009-12-09