Up Energy Development : Announcements and Notices - Adjournment of the First Informal Creditors Meeting and Winding Up Hearing in Hong Kong

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

(Stock code: 307)

This announcement is made by Up Energy Development Group Limited (the "Company") pursuant to Rule 13.09, Rule 13.19, Rule 13.25 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the provisions of inside information under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong).

Reference is made to the announcements of the Company dated 31 March 2016, 7 July 2016 and 10 July 2016 ("Announcements") in relation to, among other things, the Hong Kong Winding Up Petition and Hong Kong Hearing against the Company. Capitalised terms used in this announcement shall bear the same meanings as those defined in the Announcements unless the context requires otherwise.

First informal cr editors meeting

On 15 August 2016, certain major convertible noteholders of the Company attended the first informal creditors meeting organized by the Company and the Independent Restructuring Advisor, RSM Hong Kong.

Hong Kon g Hea rin g

Upon the hearing heard before the presiding Companies Judge on 22 August 2016, the Hong Kong Hearing has been adjourned to 26 September 2016.

Further announcement(s) will be made by the Company to inform the public on any material development of the Hong Kong Winding Up Petition and the debt restructuring as and when appropriate.

Trading in the shares of the Company (the "Shares") on the Stock Exchange has been suspended with effect from 9:00 a.m. on 30 June 2016. Trading in the Shares will remain suspended until further notice.

* For identification purposes only

By Order of the Board of

Hong Kong, 25 August 2016

As at the date of this announcement, the Board comprises Mr. Wang Chuan, Mr. Zhang Li and Mr. Zheng Yuan as Executive Directors; and Mr. Chui Man Lung, Everett, Mr. Li Bao Guo, Mr. Liu Yongshun, and Mr. Wang Dayong as Independent Non-executive Directors.