China North East Petroleum Holdings has announced preliminary results for its 2008 third quarter oil production.
Driven by production from new wells and increased capacity from existing wells, crude oil production for the quarter ended September 30, 2008 increased 86,508 barrels, or 99.7%, to 172,730 barrels from 86,222 barrels for the quarter ended September 30, 2007. On a sequential basis, crude oil production increased 37,537 barrels, or 27.8%, compared to the quarter ended June 30, 2008.
Hongjun Wang, President of China North East Petroleum commented, "We were very pleased to achieve another quarter of record production results. We added 26 new wells in the third quarter bringing our total well count to 214. We look forward to further discussing our performance when we report our third quarter 2008 financial results the week of November 10th."
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