China North East Petroleum Announces Reporting Date for Fourth Quarter and Full Year 2009 Financial Results

HARBIN, China and NEW YORK, March 30 /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 that the Company will report its fourth quarter and full year 2009 financial results before the market opens on Thursday, April 15th, 2010.

Management will host a conference call at 8:30 am ET on Thursday, April 15th. Listeners may access the call by dialing #1-719-457-2644. To listen to the live webcast of the event, please go to http://www.viavid.net . Listeners may access the call replay, which will be available through April 29th, by dialing #719-457-0820; passcode: 8793045.

The Company has filed a Form 12b-25 with the Securities and Exchange Commission to delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2009. The Company is unable to prepare and review all necessary information and disclosures in its Annual Report on Form 10-K within the initial filing deadline of March 31, 2010 without incurring unreasonable effort and expense as a result of the restatement of the Company's financial statements for the fiscal year 2008 and the interim periods during fiscal year 2009 as previously disclosed. The Registrant will file its Annual Report on Form 10-K on Thursday, April 15th, 2010. Additional information regarding the Company's extension request can be found in the Form 12b-25, which may be viewed on the SEC's website at: http://www.sec.gov .

Additionally, the Company reported that it has completed its annual proved oil reserve report, which concluded that the total proved, probable and possible reserves for all of its four existing oilfield locations are 8.75 million barrels for year end 2009. Proved reserves for 2009 increased 39% to 6.13 million barrels from 4.40 million barrels for year end 2008 due to the increase of additional wells drilled by the Company in 2009. Based on required SEC regulations, companies principally involved in the exploration and production of petroleum need to update their proved oil reserve estimates annually. The Company's estimates of proved reserves are made using available geological and reservoir data as well as production performance data. These estimates independently conducted by a US geological engineering firm base on the data provided by the Company's engineers, are reviewed annually and revised, either upward or downward, as warranted by additional data. Additional information related to this topic can be found in the Company's 2009 Form 10-K which is expected to be filed on April 15th, 2010.

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, including but not limited to those relating to the Company's or management's intentions, beliefs, expectations, hopes, projections, assessment of risks, estimations, plans or predictions for the future, including the impact of the restatement, timing of filings with the SEC and other statements that are not historical facts are forward-looking statements that are based on current expectations. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include delays and uncertainties that may be encountered in connection with the restatement, final audits and reviews by the Company and its auditors, and other risks described in the Company's annual report on Form 10-K for the year ended December 31, 2008 and its other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Investors should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement and the Company undertakes no duty to update any forward-looking statement.

    For more information, please contact:

    United States:
     Chao Jiang
     Senior Vice President, Corporate Finance
     Tel:   +1-212-307-3568
     Email: [email protected]

     Bill Zima
     ICR, Inc.
     Tel:   +1-203-682-8200

    China:
     Yang Dio Zhang
     Chief Financial Officer
     Tel:   +86-451-5558-0253
     Email: [email protected]

SOURCE China North East Petroleum Holdings Ltd.

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