China North East Petroleum Holdings, Limited, a leading oil producing company in Northern China, 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.”