China North East Petroleum Holdings Ltd., an independent oil company, focuses on producing crude oil in Northern China. Pioneering in China’s private oil exploration and production industry, China North is the first Chinese non-state-owned oil company trading on the NYSE Amex.
Leasing its first oil field in 2003, China North currently operates four oilfields with more than 247 wells in Northern China. According to a report prepared by PetroChina Jilin Branch of Research Institute for Exploration and Development, total geological reserves of the oilfields that NEP operates total 75 million barrels.
With a firm foundation laid, China North aims to execute a multi-pronged strategy to take advantage of opportunities that have resulted from China’s oil demand and supply gap. Specifically, the company will accelerate well drilling, implement mature technologies to increase production, and consider acquiring E&P related businesses.
With a strong track record of oil production management, China North’s results-driven employees are committed to accelerating production, generating strong cash flow and creating shareholder value. Keep an eye on this company in the coming month as management continues to pursue new opportunities for further growth.