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China North East Petroleum Announces Preliminary 2009 Second Quarter Production Results

Posted on: Wednesday, 8 July 2009, 07:30 CDT

HARBIN, China and NEW YORK, July 8 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings, Limited (NYSE Amex: NEP), a leading oil producing company in Northern China, today announced preliminary oil production results for the second quarter of 2009.

The Company's crude oil production in the second quarter of 2009 totaled 223,649 barrels, a 65% increase compared to 135,194 barrels in the second quarter of 2008. The total number of wells in production as of June 30, 2009 was 251.

Mr. Hongjun Wang, President of China North East Petroleum commented, "We are pleased to post another record for quarterly oil production by the Company. Although our drilling plan has been slightly delayed due to an early start to the rainy season this year, we remain confident that we can complete our original drilling plan and expect to install 35 additional new wells over the remainder of 2009. Besides continuing the drilling of new wells, the production team has also started fracturing certain older wells to support continued production increases."

He further commented, "We remain highly focused on growing our business in the domestic private oil industry in China by continuing to increase production, seeking new oilfield lease opportunities and evaluating feasible and profitable acquisitions. We expect that being listed on the NYSE Amex will expose our company to a wider investor base and provide a better competitive advantage to accomplish these goals. We are very excited about the path to further business growth ahead, and will work actively and diligently to create more value for our shareholders."

Additional details of the 2009 second quarter performance will be reported and available in August 2009.

ABOUT CHINA NORTH EAST PETROLEUM (NYSE Amex: NEP)

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. For more information about the Company, please visit http://www.cnepetroleum.com .

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.

SOURCE China North East Petroleum Holdings, Limited

Source: PR Newswire

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