China North East Petroleum Holdings announced that its oilfield services subsidiary, Song Yuan Tiancheng Drilling Engineering has signed a contract with PetroChina's Jilin branch to drill 30 new wells in PTR's FuYu field. This is the Company's second drilling contract with PTR announced this year and the third drilling contract signed since December 2009.
Drilling of the 30 wells is expected to commence this month and conclude by March 2011. The value of this contract with PTR will be contingent upon the drilling depth of each of the 30 wells.
Mr. Hongjun Wang, President of China North East Petroleum, commented, "Our Tiancheng oilfield services subsidiary is pleased to be signing its second drilling contract with PetroChina this year and third contact in the last four months. The utilization rate of our drilling services segment continues to rise with this new contract, and brings the total number of new wells drilled under contract since December 2009 to 85. We are pleased with Tiancheng's progress and are hopeful that additional drilling contracts will be signed in the coming months."
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