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Andatee China Marine Fuel Services Corporation, a leading independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in Northern China, has announced that its board of directors approved and adopted a share repurchase plan.

The plan, which authorizes a buyback of the company's common stock up to a value of $0.5 million, is valid up until October 2011.

Andatee said it may (but is not obligated to) repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions pursuant to the Exchange Act Rule 10b-5, Rule 10b5-1, Rule 10b-18 and other applicable SEC legal requirements.

The company added that the timing and actual number of shares repurchased will depend on a variety of factors including regulatory restrictions on price, manner, timing, and volume, corporate and other regulatory requirements and other market conditions in an effort to minimize the impact of the purchases on the market for the stock.

"The repurchased stock will be cancelled and returned to the company's authorized but unissued common stock to be used for acquisitions and other valid corporate purposes," Andatee said in a statement.

"There can be no assurance that any shares will be repurchased by the company either through plan or otherwise. Any actual repurchases will be reported in the company's periodic reports and will be funded from available cash on hand," Andatee added.

The company's Chief Executive Officer and Chairman of the Board, An Fengbin, has also adopted a stock trading plan in accordance with the guidelines specified by Rule 10b5-1 under the Exchange Act. Under this plan, Mr. An may (but is not required to) purchase the Company's common stock up to a value of $0.5 million up until October 2011, subject to 'certain conditions'. Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. These plans allow insiders to have shares bought or sold for their accounts over a period of time regardless of any material, non-public information they may receive after adopting their plans.

Commenting on the repurchase plan, An Fengbin said "The Board's authorization of the share repurchase plan reflects our confidence in the strength and confidence we have in the fundamental strength of Andatee's business. The company's continued expansion of its footprint along coastal China and ongoing construction of production facilities give us this confidence in the long-term growth prospects of our business. We remain strongly committed to maximizing the long-term shareholder value and realizing the full potential of our business and operations." As of October 15, 2010, Andatee had approximately 9.6 million shares of common stock outstanding.