QualityStocks would like to highlight China North East Petroleum Holdings, Inc. (OTCBB: CNEH). China North East Petroleum is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace.
In the company’s news yesterday,
China North East Petroleum Holdings, Limited announced that it has signed a new well drilling contract with a local primary drilling company, Songyuan Huaying Drilling and Service Company.
The well drilling contract includes an additional 48 wells to be drilled over the next 10 months. According to the press release, the drilling work is scheduled to start within a week. After the project is completed, China North East Petroleum’s number of producing wells will total up to 303.
“Signing this additional well drilling contract further demonstrates the management’s confidence in the operational capabilities of the company. By continuing to expand our oil production capacity, together with ongoing efforts to increase production efficiency and minimize the operating expenses, we believe we can achieve sustainable growth and profitability during this challenging economic climate,” stated Mr. Hongjun Wang, President of China North East Petroleum.
Mr. Yanhai Gong, President of Songyuan Huaying Drilling and Service Company commented, “We are pleased with the signing of this contract, and looking forward to building a solid partnership with China North East Petroleum. We shall fulfill our commitment by delivering fast and high quality work and help the company grow faster and stronger with our support. We wish China North East Petroleum a great deal of success.”
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
