China North East Petroleum Delays Form 10-K Filing and Postpones Release Date of 2009 Financial Results

HARBIN, China and NEW YORK, April 15 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings Limited (the "Company") (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, today announced that the Company will delay the filing of its Annual Report on Form 10-K for the year ended December 31, 2009 with the U.S. Securities and Exchange Commission.

The Company is unable to prepare and review all necessary information and disclosures in its Annual Report on Form 10-K by its April 15, 2010 filing deadline without incurring unreasonable effort and expense. Due to this filing delay, the Company has postponed the issuance of its 2009 financial results press release as well as its earnings conference call with investors originally scheduled for April 15, 2010 at 8:30am ET. The Company remains committed to filing its Annual Report on Form 10-K as soon as possible. Prior to the filing of the form 10-K, the Company plans on issuing a press release announcing a specific date and time in which it plans to issue its FY09 financial results press release and conduct its 2009 financial results conference call.

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:

    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 Limited