China North East Petroleum Holdings, Limited, a leading oil producing company in Northern China, today announced preliminary results for its fourth quarter oil production.
Crude oil production increased 178% to 12,634 tons (93,239 barrels) in the fourth quarter of 2007.
Driven by increased capacity from new wells and the successful implementation of water injection technologies, crude oil production for the quarter ended December 31, 2007 increased 8,094 tons (59,734 barrels) to 12,634 tons (93,239 barrels) from 4,540 tons (33,505 barrels) for the quarter ended December 31, 2006.
On a sequential basis, crude oil production increased 1,750 tons (12,915 barrels), or 16%, compared to the quarter ended September 30, 2007.
Mr. Hongjun Wang, President of China North East Petroleum commented, ''We are extremely pleased to report another quarter of double-digit production increases. Our new wells are producing extremely well. Additionally, we have achieved a critical mass of wells to properly implement water injection technology to some existing wells. Going forward, we will further implement this mature technology to further increase production, which we believe, coupled with new wells, will greatly improve our earnings ability.''
China North East Petroleum Holdings Ltd is engaged in the production of crude oil in Northern China. CNEH has a guaranteed arrangement with 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.
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