China North East Petroleum is a Pioneer in China’s Private Oilfield Services Industry. Through its Chinese subsidiaries Long De Oil & Gas Development Co. Ltd and Yu Qiao Oil & Gas Development Co. Ltd, CNEH has entered into 20-year lease agreements with PetroChina Jilin Branch for the extraction of crude oil in Jilin Qian’an Oilfield. Under this arrangement, CNEH has agreed to sell all of its extracted oil to PetroChina Jilin Branch for use in the China marketplace.
CNEH was established in 2003 under the name of Hong Xiang Petroleum, an independent oil extractor in Song Yuan City, Jilin Province China which possessed the oil reserve leasing rights for Qian’an 112 Oilfield. In 2004, Hong Xiang Petroleum changed its name to China North East Petroleum Holdings Limited and secured a public listing in the United States capital markets.
In 2005 through 2007, CNEH acquired additional oil reserve leasing rights of three oilfields (Hetingbao 301 Oilfield, Da’an 34 Oilfield, and Gu’dian 31 Oilfield) bringing total oilfields under management to four. Today, according to a report prepared by PetroChina Jilin Branch of Research Institute for Exploration and Development, total geological reserves of the oilfields that CNEH operates total 75 million barrels or 5.5 million barrels of proven reserves according to 2008 SEC proven reserve report prepared by R.E. Davis Associates.*
As of June 15th 2009, the company's common stock has been approved for listing on the NYSE Amex LLC ("NYSE Amex"), under the new ticker symbol "NEP" (NYSE Amex: NEP).
With a strong track record of oil production management, CNEH’s 312 results-driven employees are committed to accelerating production, generating strong cash flow and creating shareholder value.