China North East Petroleum Holdings, Limited [[CNEH.OB]], a leading oil company in Northern China, announces the successful drilling and completion of three additional oil producing wells in May.
During the first quarter of 2009, there were seven wells under construction, none of which were placed into production due to relatively weak oil prices. As of May 25, 2009, the company successfully completed fracturing and cementing three of these wells and brought them into production. Additionally, the initial productivity of the new wells has exceeded the engineers’ original expectations. As previously announced, the Company intends to place approximately 35 more new wells into production for the remainder of 2009.
Mr. Hongiun Wang, President of China North East Petroleum commented, “We are pleased to see the Company’s drilling and production plan executed seamlessly. We have made a good start to the year, with the recent increase in global oil prices and strong domestic demand for petroleum products, we are confident that 2009 will be another year of growth. Our management team will continue to execute our development plan and expand production capacity, while at the same time we continue to seek appropriate acquisition opportunities. We will promptly and regularly update the shareholders with the latest progress regarding the Company’s drilling, production and related business development activity.”
ABOUT CHINA NORTH EAST PETROLEUM
China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company’s control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company’s periodic filings with the Securities and Exchange Commission.
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