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China North East Petroleum Announces Preliminary 2009 Third Quarter Oil Production Results

Posted on: Tuesday, 20 October 2009, 07:30 CDT

HARBIN, China and NEW YORK, Oct. 20 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), an oil producing and oilfield services company in Northern China, today announced preliminary oil production results for the third quarter of 2009.

The Company's crude oil production in the third quarter of 2009 totaled 224,750 barrels, a 30% increase compared to 172,730 barrels in the third quarter of 2008. The total number of wells in production as of September 30, 2009 was 259 compared to 251 at the end of the second quarter 2009 and 218 at the end of the third quarter 2008.

Mr. Hongjun Wang, President of China North East Petroleum commented, "Our initial third quarter results are indicative of another strong quarter of oil production for our business. We were able to drill another eight new wells with an additional three under construction in spite of a month long slowdown due to seasonal rains in the third quarter. We anticipate the total number of expected wells to be drilled in the fourth quarter will exceed the total number of wells drilled through the first three quarters of 2009. We are pleased with our record oil production for the third quarter and are encouraged with our prospects for growth in the months ahead."

Additional details of the 2009 third quarter performance will be reported and available in November 2009.

ABOUT CHINA NORTH EAST PETROLEUM

China North East Petroleum Holdings Limited is an independent oil company that engages in the production of crude oil in Northern China. The Company is a pioneer in China's private oil exploration and production industry, and the first Chinese non-state-owned oil company trading on the NYSE Amex.

The Company has a guaranteed arrangement with the PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China. The Company also recently added an oil service subsidiary through its acquisition of Song Yuan Tiancheng Drilling Engineering Co. Ltd. ("Tiancheng"). 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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