Rochester, NY 8/21/2009 10:38:13 AM
China North East Petroleum Hldng Ltd. NEP, Second Quarter Financial Results of China North East Petroleum Holdings Limited
China North East Petroleum Hldng Ltd.
Mr. Hongjun Wang, President of China North East Petroleum, commented, that they are pleased with their second quarter financial results, especially in light of recent high market volatility. Although the global decline in oil prices caused the average three-month oil price to drop by 52% from $105.08 per barrel a year ago to $5 significantly offset the impact of the much lower oil price. Company achieved a profit margin of 25% with a strong EBITDA result of 77% in the second quarter.
Mr. Wang continued, that during this quarter, the company is successfully fulfilled with their pledge to list China North East Petroleum's stock on the NYSE Amex, a major milestone in their Company's history. They believe that this achievement both opens new doors for the Company to a much broader investor base and highlights dedication to not only raise visibility among the investment community but also to increase the liquidity and trading efficiencies of common stock. He is thankful to the company’s investors for their ongoing support and confidence, and in their opportunities in the marketplace for continued growth in the years to come.
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