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China North East Petroleum (CMEH.OB) Sales Jump 227%
QualityStocks (November 14th, 2008) Writes:
China North East Petroleum Holdings Limited, a pioneer in China’s oilfield drilling and production industry, today announced a spectacular increase in revenue and net income for the third quarter of 2008.
Total sales for the third quarter increased 227% over the same quarter last year to $19.7 million. The jump was due to an increase in crude oil production, and the price received for crude oil from PetroChina (PTR), the company’s sole customer. Crude oil production doubled to 172,730 barrels over the same quarter last year. The production boost was attributed to refracturing improvements, and the implementation of water injection technology, improving the efficiency of existing oil wells, together with the addition of 30 new wells drilled during the third quarter.
Gross profit also soared for the quarter, increasing 241%, to $9.2 million, with net income jumping 229% to $4.0 million.
Quarterly results boosted nine-month sales figures from $11.8 million last
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