...Rating Constrained by Scale: MIE Holdings Corporations (MIE) ,,B ratings reflect the upstream nature of its business profile, and relatively small reserves and operating scale. At end-2013, MIE had proven oil and gas reserves (1P) of 83.2 million barrels of oil equivalent (mmboe), while proven+probable reserves (2P) is at 193mmboe, over 50% from Kazakhstan. For 2013, total net oil and gas production was 5.68mmboe, slightly above 2012s 5.50mmboe ¡ due to the increased contribution from Kazakhstan-based Emir-Oil, which was acquired in 2011. There was a moderate decline in production in north-eastern China (MIEs legacy assets) due to a decision to scale back capex in this area. Expansion Through Acquisitions: The acquisition of Emir-Oil, Pan-China Resources and Sino Gas & Energy (SGE) has boosted MIE's scale and geographical diversity. In 2013, Emir- Oil contributed 29% of MIEs net oil production, and accounts for 60% of 1P oil reserves. Acquiring Sino Gas also increases MIEs natural gas reserves...
