China North East Petroleum has announced preliminary oil production results for the third quarter of 2009.
The Company's crude oil production in the third quarter of 2009 totaled 224,750 barrels, a 30% increase compared to 172,730 barrels in the third quarter of 2008. The total number of wells in production as of September 30, 2009 was 259 compared to 251 at the end of the second quarter 2009 and 218 at the end of the third quarter 2008.
Mr. Hongjun Wang, President of China North East Petroleum commented, "Our initial third quarter results are indicative of another strong quarter of oil production for our business. We were able to drill another eight new wells with an additional three under construction in spite of a month long slowdown due to seasonal rains in the third quarter. We anticipate the total number of expected wells to be drilled in the fourth quarter will exceed the total number of wells drilled through the first three quarters of 2009. We are pleased with our record oil production for the third quarter and are encouraged with our prospects for growth in the months ahead."
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