China North East Petroleum Holdings Ltd. Announces Q1 & Q2 2010 and FY09 Financial Results

China North East Petroleum Holdings Ltd. (NYSE Amex: NEP), a leading independent oil producer and oilfield services company in Northern China, announced financial results for the financial quarters ended June 30, 2010, March 31, 2010 as well as for the full year 2009.

The press release is quoted as saying:

The Company’s oil production division showed strong revenues for the first two quarters in 2010 despite a slight declined in production level as compared to the same period last year. The decline in oil production levels were primarily a result of a natural decline in oil production among existing wells, no new wells drilled in the first half of the year due to severe weather conditions in Northern China, and the Company’s capital expenditure plan to allocate cash reserves for potential oil field lease/acquisition in the near future. Despite the decline in volume of oil produced, the Company benefited from rising oil prices and recorded revenue of $32.0 million from total production of 426,402 barrels of crude oil in the first half of 2010 compared to oil production revenue of $20.3 million and 445,150 barrels of crude oil produced in the prior year period.

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