China North East Petroleum Holdings, Limited, a leading oil producing company in Northern China, 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."
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