China North East Petroleum's oilfield services subsidiary, Tiancheng, has signed a contract with PetroChina's ("PTR") Jilin branch to drill 25 new wells in PTR's FuYu field. This is the Company's first drilling contract announced with PTR this year and the second signed drilling contract since December 2009.
Drilling of the 25 wells is expected to commence this month and is expected to be completed by the end of 2010. The value of this contract with PTR will be contingent upon the drilling depth of each of the 25 wells drilled.
Mr. Hongjun Wang, President of China North East Petroleum, commented, "We are delighted to sign our first drilling contract of the New Year with PetroChina. Over the last five weeks, we have secured two new drilling contracts totaling 55 new wells. We are also currently fulfilling drilling service orders that were signed by Tiancheng prior to our acquisition. Our oilfield services segment is off to a solid start this year and we continue to evaluate opportunities to increase the size and scope of our drilling services in the Jilin oilfield region and beyond."
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