China North East Petroleum Files 8-K Listing Tiancheng Historical Drilling Contracts

HARBIN, China and NEW YORK, April 21, 2011 /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 it has filed a Current Report on Form 8-K containing excerpts of all drilling contracts of its subsidiary, Songyuan Tiancheng Drilling Engineering Co. Ltd. ("Tiancheng") for 2009 and 2010.  Included in this filing are six main contracts and two supplemental contracts filed since NEP acquired Tiancheng in September 2009.  

Mr. Jingfu Li, CEO of China North East Petroleum commented, "In an effort to be overly transparent with our shareholders, we are happy to disclose our Tiancheng drilling contracts.  While we are not required to file such contracts with the SEC, we are doing so as a courtesy to our investors so they can more clearly understand our business operations.  Certain portions of filed contracts have been redacted to protect proprietary and confidential information related to Tiancheng and/or its customers.  Please also note that we are subject to non-disclosure obligations with respect to the drilling contracts with PetroChina's subsidiaries and do not currently have their consent to disclose the content of these contracts.  When and if we do receive consent in the future, we will file the complete contracts (other than proprietary and confidential information).  In lieu of the full contract, we have provided English translations of the cover and signature page of each of the drilling contracts between Tiancheng and PetroChina's subsidiaries.  Subject to any confidentiality provisions, we plan to file all future oilfield drilling and oil production contracts going forward so our investors can have greater understanding of our operations."

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.

SOURCE China North East Petroleum Holdings Ltd.

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