China North East Petroleum Reports 41% Increase in Production
China North East Petroleum announced preliminary fourth quarter and full year oil production results and fourth quarter 2009 drilling results for its oil drilling and service subsidiary, Tiancheng.
The Company's crude oil production for the full year 2009 totaled 908,126 barrels, a 41% increase from 645,856 barrels in the year 2008. Oil production in the 2009 fourth quarter increased 6% to 236,774 barrels from 223,068 barrels in the same period a year ago. During the fourth quarter 2009, the Company drilled 30 new production wells for a total of 289 wells in production as of December 31, 2009, compared to 259 wells at the end of the 2009 third quarter and 247 wells at the end of 2008.
Additionally, the Company's newly acquired oil drilling and service subsidiary, Tiancheng completed drilling contracts for 60 wells with total drilling depth of 99,161 meters (325,331 feet) in the fourth quarter of 2009.
Mr. Hongjun Wang, President of China North East Petroleum commented, "After a challenging start in 2009, we were pleased to have accelerated our oil production, particularly in the second half of the year, and to have finished the year with record production results. We exceeded our original forecast of new wells drilled in the fourth quarter by 20% due to the ongoing economic recovery and stabilized oil prices. Additionally, our oilfield services business performed exceptionally well in the fourth quarter as Tiancheng benefitted from our well-capitalized business structure. We are delighted with their success thus far and look forward to their strong contributions going forward. We plan to update our shareholders on our latest fourth quarter & full year financial results as well as upcoming growth initiatives when we report our full year 2009 financial results within the next few weeks."
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