China North East Petroleum Boosts Crude Oil Production by 65% in 2Q
China North East Petroleum Holdings, Limited, a leading oil producing company in Northern China, has announced preliminary oil production results for the second quarter of 2009.
The Company's crude oil production in the second quarter of 2009 totaled 223,649 barrels, a 65% increase compared to 135,194 barrels in the second quarter of 2008. The total number of wells in production as of June 30, 2009 was 251.
Mr. Hongjun Wang, President of China North East Petroleum commented, "We are pleased to post another record for quarterly oil production by the Company. Although our drilling plan has been slightly delayed due to an early start to the rainy season this year, we remain confident that we can complete our original drilling plan and expect to install 35 additional new wells over the remainder of 2009. Besides continuing the drilling of new wells, the production team has also started fracturing certain older wells to support continued production increases."
He further commented, "We remain highly focused on growing our business in the domestic private oil industry in China by continuing to increase production, seeking new oilfield lease opportunities and evaluating feasible and profitable acquisitions. We expect that being listed on the NYSE Amex will expose our company to a wider investor base and provide a better competitive advantage to accomplish these goals. We are very excited about the path to further business growth ahead, and will work actively and diligently to create more value for our shareholders."
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