China North East Petroleum Secures Rig for Drilling Project



China North East Petroleum Holdings Limited has awarded a major drilling contract to Rising Sun Oil Exploration and Production Limited. Rising Sun is a leading oilfield services provider in Jilin Province, the Peoples' Republic of China, or PRC, for the company's 2006 drilling program in the Qian112 oil field.

China North East Petroleum Holdings, Limited is engaged in the ownership, acquisition and management of mineral properties and the exploration for and development of oil drilling projects and the production of crude oil in Northern China. The Company boasts a production and supply agreement with Jilin Refinery of PetroChina to sell its produced crude oil for use in the Chinese marketplace. The Company currently operates 20 producing wells in Northern China and generates approximately 380 barrels of high quality crude oil per day. By the end of year 2007, the Company plans to drill up to 82 additional wells, including the wells to be drilled by Rising Sun.

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