China North East Announces Preliminary Second Quarter Results
China North East Petroleum Holdings Limited announced preliminary results for its 2008 second quarter oil production.
Driven by production from new wells and increased capacity from existing wells, crude oil production for the quarter ended June 30, 2008 increased 73,461 barrels to 135,193 barrels from 61,732 barrels for the quarter ended June 30, 2007. On a sequential basis, crude oil production increased 19,387 barrels, or 18%, compared to the quarter ended March 31, 2008.
Mr. Hongjun Wang, President of China North East Petroleum commented, ''The second quarter was another strong quarter for our business. We are particularly pleased to report record production results this quarter, as the second quarter is traditionally one of our slower quarters during the fiscal year. We added 27 new wells in the second quarter which brings our total well count to 192. Our new wells added during the quarter were supported by the cash flow generated from our existing wells and we utilized very little cash from the $15 million financing we closed in March, 2008. We continue to make good progress in our business and look forward to a strong second half of the fiscal year.''
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