Crude Oil Production Increases 135% to a Record 70,545 Barrels in October
HARBIN, China and NEW YORK, Dec. 1 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings, Limited (OTC Bulletin Board: CNEH), a leading oil producing company in Northern China, today announced preliminary results for its October 2008 oil production.
Crude oil production for the month ended October 31, 2008 increased 135%, or 40,479 barrels, to 70,545 barrels from 30,066 barrels for the month ended October 31, 2007. On a sequential basis, crude oil production increased 4,627 barrels, or 7%, compared to the month ended September 30, 2008.
Mr. Hongjun Wang, President of China North East Petroleum commented, "October 2008 was another strong month for our business. We are particularly pleased to report record production results this month, as both September and October exceeded original estimates by 5,000 barrels. We added 10 new wells in October which brings our total well count to 228. Crude oil production through the first ten months of 2008 increased 141% to 493,333 barrels from 204,346 barrels for the comparable period in the prior year. We believe we are well on schedule with our plan to meet and potentially exceed our 2008 oil production estimate of 623,000 barrels and 240 oil wells by the end of the 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.
For more information, please contact:
China:
Yang Dio Zhang
Chief Financial Office
Tel: +86-451-5558-0253
Email: dio.zhang@cnepetroleum.com
United States:
Chao Jiang
Director of Finance
Tel: +1-212-307-3568
Email: chao.jiang@cnepetroleum.com
Bill Zima
ICR, Inc.
Tel: +1-203-682-8200
