China North East Petroleum Announces Preliminary Production Results for 2Q08
Posted on: Thursday, 24 July 2008, 09:01 CDT
Crude Oil Production Increases 119% to a Record 135,193 Barrels in 2Q08
HARBIN, China and NEW YORK, July 24 /Xinhua-PRNewswire-FirstCall/ -- China North East Petroleum Holdings, Limited (BULLETIN BOARD: CNEH) , a leading oil producing company in Northern China, today announced preliminary results for its 2008 second quarter oil production.
Driven by production from new wells and increased capacity from existing wells, crude oil production for the quarter ended June 30, 2008 increased 73,461 barrels to 135,193 barrels from 61,732 barrels for the quarter ended June 30, 2007. On a sequential basis, crude oil production increased 19,387 barrels, or 18%, compared to the quarter ended March 31, 2008.
Mr. Hongjun Wang, President of China North East Petroleum commented, ''The second quarter was another strong quarter for our business. We are particularly pleased to report record production results this quarter, as the second quarter is traditionally one of our slower quarters during the fiscal year. We added 27 new wells in the second quarter which brings our total well count to 192. Our new wells added during the quarter were supported by the cash flow generated from our existing wells and we utilized very little cash from the $15 million financing we closed in March, 2008. We continue to make good progress in our business and look forward to a strong second half of the fiscal year.''
ABOUT CHINA NORTH EAST PETROLEUM
China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
China North East Petroleum Holdings, Limited
CONTACT: China, Yang Dio Zhang, Chief Financial Officer of China NorthEast Petroleum Holdings, Limited, +86-451-55580253, ordio.zhang@cnepetroleum.com, or United States, Chao Jiang, Director of Financeof China North East Petroleum Holdings, Limited, +1-212-307-3568, orchao.jiang@cnepetroleum.com; or Bill Zima of ICR, Inc. for China North EastPetroleum Holdings, Limited, +1-203-682-8200
Source: PRNewswire
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