China North East Petroleum Holdings Ltd. NEP, Closed Down 5.72% at the end market results
China North East Petroleum Holdings Ltd.
China North East Petroleum Holdings Limited, an oil producing company in Northern China, today announced financial results for the second quarter ended June 30, 2009.
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China North East Petroleum Holdings Limited (CNEH) is engaged the exploration and production of crude oil in Northern China. As of December 31, 2008, the Company operated 247 producing wells located in four oilfields in Northern China. The Company have an arrangement with the Jilin Refinery of PetroChina Group to sell the crude oil production for use in the China marketplace. The Company, through two of its subsidiaries Song Yuan City Yu Qiao Oil and Gas Development Ltd. Corp. (Yu Qiao) and Longde Oil and Gas Development Co. Limited (LongDe) have entered into binding sales agreements with the PetroChina Group, whereby it sells the crude oil production for use in the China marketplace.
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