China North East Petroleum Holdings, a leading oil producing company in Northern China, announced preliminary oil production results for the first quarter of 2009.
The Company's crude oil production in the first quarter of 2009 totaled 221,688 barrels, a 93% increase compared to 114,862 barrels in the first quarter of 2008. The total number of wells in production during the quarter was 247. The Company is planning to commence drilling additional wells in May 2009.
Mr. Hongjun Wang, President of China North East Petroleum commented, "The management team is pleased with the company's execution in the first quarter 2009, which resulted in record quarterly oil production for the Company. By increasing production efficiency and implementing water-flooding techniques, the production from our existing installed wells was very stable. We continue to concentrate on minimizing our operating expenses to maximize our profitability during this challenging economic time."
He further commented, "Although we have experienced fluctuating oil prices and the slowdown of the global economy, our management team has treated the current challenging market environment as an opportunity. In addition to concentrating on continued production growth from our four leased oil fields, we remain highly focused on the evaluation of acquisition or expansion opportunities in the petroleum exploration and production sector in order to expand our sales and margin performance. Our business remains profitable even with oil at current prices and we continue to work closely with our partner, PetroChina, to identify new opportunities to further expand our market presence in northern China."
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