China North East Petroleum Holdings Ltd. Reports Record Oil Production

Strategic Insights -

China North East Petroleum Holdings Ltd. (NYSE Amex: NEP) announced preliminary fourth quarter and full year oil production results, with crude oil production for 2009 totaling 908,126 barrels, a 41% increase from 645,856 barrels in 2008. The company's oil production in the fourth quarter of 2009 increased 6% to 236,774 barrels from 223,068 barrels in the same period a year ago. The company drilled 30 new production wells, bringing the total to 289 wells in production as of December 31, 2009.

Key Takeaways:

  • The company's crude oil production for 2009 totaled 908,126 barrels, a 41% increase from 645,856 barrels in 2008.
  • Oil production in the fourth quarter of 2009 increased 6% to 236,774 barrels from 223,068 barrels in the same period a year ago.
  • The company drilled 30 new production wells in the fourth quarter of 2009, bringing the total to 289 wells in production as of December 31, 2009.
  • The company's newly acquired oil drilling and service subsidiary, Tiancheng, completed drilling contracts for 60 wells with a 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 on the company's performance, citing the ongoing economic recovery and stabilized oil prices as factors contributing to the company's success.
  • The company exceeded its original forecast of new wells drilled in the fourth quarter by 20%.

Statistics:

  • Crude oil production for 2009: 908,126 barrels (41% increase from 645,856 barrels in 2008)
  • Fourth quarter of 2009 oil production: 236,774 barrels (6% increase from 223,068 barrels in the same period a year ago)
  • Total wells drilled: 289 (as of December 31, 2009)
  • Drilling contracts completed by Tiancheng: 60 wells with a total drilling depth of 99,161 meters (325,331 feet)

Sources:

  • [China North East Petroleum Holdings Ltd. Press Release, Date Unknown]
  • [VerticalNews.com, "China North East Petroleum Holdings Ltd. Reports Record Oil Production", 2010]