China North East Petroleum Appoints Experienced Industry Veteran as General Manager of Oilfield Services Subsidiary
HARBIN, China and NEW YORK, Dec. 1, 2009 (PRNewswire-Asia-FirstCall) -- China North East Petroleum Holdings Ltd. (the "Company" or "NEP") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced the appointment of Mrs. Hongwei Lu to the position of General Manager for the Company's oilfield services segment, Song Yuan Tiancheng Drilling Engineering Company ("Tiancheng").
Mrs. Lu has more than 30 years of oil drilling and project management experience. She spent the last fourteen years serving as Vice President for Great Wall Drilling Company, an independent contractor for PetroChina. Prior to this role, she served as Deputy Commissioner of PetroChina's Drilling Bureau from 1990 to 1994, and as Deputy Chief of the Jilin Oilfield Exploration and Development Institute from 1987 to 1990.
"We are delighted to have Mrs. Lu join our team," commented Mr. Hongjun Wang, President of China North East Petroleum. "She has tremendous experience and a wealth of knowledge about China's oil exploration and production industry as well as extensive business contacts in the region in which we operate. We believe she can maximize the performance and enhance overall productivity in our newly acquired drilling services business and further strengthen the Company's working relationships with major industry players, including PetroChina to secure additional oilfield leasing and drilling contracts. We are pleased with our future opportunities and believe Mrs. Lu will play an important role in solidifying NEP as a leading private oil production and services company in China. We look forward to her future contributions and welcome her to our team."
ABOUT CHINA NORTH EAST PETROLEUM
China North East Petroleum Holdings Limited is an independent oil company that engages in the production of crude oil in Northern China. The Company is a pioneer in China's private oil exploration and production industry, and the first Chinese non-state-owned oil company trading on the NYSE Amex.
The Company has a guaranteed arrangement with the PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China. The Company also recently added an oil service subsidiary through its acquisition of Song Yuan Tiancheng Drilling Engineering Co. Ltd. ("Tiancheng"). For more information about the Company, please visit http://www.cnepetroleum.com .
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
For more information, please contact:
Senior Vice President, Corporate Finance
Yang Dio Zhang
Chief Financial Officer
SOURCE China North East Petroleum Holdings Limited
Source: PR Newswire
(December 1, 2009 - 8:45 AM EST)
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