China North East Petroleum has announced preliminary results for its October 2008 oil production.
Crude oil production for the month ended October 31, 2008 increased 135%, or 40,479 barrels, to 70,545 barrels from 30,066 barrels for the month ended October 31, 2007. On a sequential basis, crude oil production increased 4,627 barrels, or 7%, compared to the month ended September 30, 2008.
Hongjun Wang, President of China North East Petroleum commented, "October 2008 was another strong month for our business. We are particularly pleased to report record production results this month, as both September and October exceeded original estimates by 5,000 barrels. We added 10 new wells in October which brings our total well count to 228. Crude oil production through the first ten months of 2008 increased 141% to 493,333 barrels from 204,346 barrels for the comparable period in the prior year. We believe we are well on schedule with our plan to meet and potentially exceed our 2008 oil production estimate of 623,000 barrels and 240 oil wells by the end of the year."
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