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Article Excerpt
M2 PRESSWIRE-31 March 2009-Stockwire.com: China North East Petroleum Holdings Limited (OTCBB: CNEH) just released some important news.(C)1994-2009 M2 COMMUNICATIONS LTD
RDATE:31032009
China North East Petroleum Holdings Limited (OTCBB: CNEH), just announced China North East Petroleum Reports Fourth Quarter and Full Year 2008 Financial Results.
A dedicated Chat Room for China North East Petroleum, has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
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HARBIN, China and NEW YORK, March 30, 2009 - China North East Petroleum Holdings Limited (OTCBB: CNEH), an oil producing company in Northern China, today announced consolidated financial results for the fourth quarter and full year ended December 31, 2008.
Fourth Quarter 2008 Results
Total sales for the fourth quarter were $14.5 million, an 89% increase compared to $7.7 million over the same period last year. This increase was due to an increase in crude oil production and the average price received for crude oil offset by lower oil prices. Crude oil production for the fourth quarter increased 139% to 223,068 barrels from 93,236 barrels for the comparable quarter in the prior year. The increase in production was primarily a result of the addition of 30 new wells drilled during the fourth quarter of 2008 compared to 13 in the fourth quarter of 2007.
Gross profit in the fourth quarter increased 206% to $13.8 million from $4.5 million in the same period last year. Fourth quarter gross margin increased to 95.1% compared to 58.8% in the prior year period primarily due to a one-time annual adjustment gain to its depreciation of oil and gas properties. According to SEC regulations, companies principally involved in the exploration and production of petroleum need to update their proven oil reserve estimate annually. The Company's estimates of proven reserves are made using available geological and reservoir data as well as production performance data. These estimates, made by the Company's engineers, and independently verified by a US geological engineering firm, are reviewed annually and revised, either upward or downward, as warranted by additional data. This independent annual audit was completed in the first quarter of 2009. Prior to the completion of this audit, the Company had been using 2007 proven reserve estimates...
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