Crude Oil Production Increases 259% to a Record 15,691 tons (115,800 barrels) in 1Q08
HARBIN, China and NEW YORK, April 28 /Xinhua-PRNewswire-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 2008 first quarter oil production.
Driven by production from new wells and increased capacity from existing wells, crude oil production for the quarter ended March 31, 2008 increased 11,324 tons (83,571 barrels) to 15,691 tons (115,800 barrels) from 4,367 tons (32,228 barrels) for the quarter ended March 31, 2007. On a sequential basis, crude oil production increased 3,057 tons (22,561 barrels), or 24%, compared to the quarter ended December 31, 2007.
Mr. Hongjun Wang, President of China North East Petroleum commented, "Our preliminary production results for the first quarter indicate that we are off to a strong start in 2008. Many of our wells that were put into production toward the second half of our 2008 fourth quarter had the benefit of yielding a full quarter's worth of production in the first quarter of 2008. We continue to focus on increasing our production capabilities and our earnings results and look forward to updating investors on our initiatives when we officially report first quarter results in the second full week of May."
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.
SOURCE China North East Petroleum Holdings Ltd.
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