China North East Petroleum Holdings Ltd. Announces New Independent Member to Board of Directors

HARBIN, China and NEW YORK, July 6 /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 the appointment of Mr. Ruishi Hu as an independent member to the Company's Board of Directors, effective June 28, 2010.

Ruishi Hu has over 30 years of experience in the Chinese petroleum industry. Since 2009, Mr. Hu has been a director of Qianguo County Mongolia Autonomous Petroleum Development Company, a joint venture established by PetroChina Company Limited ("PetroChina") Jilin Branch and the government of Qianguo County. From 2007 to 2009, he served as Chief Representative of PetroChina to Song Yuan City Yu Qiao Oil and Gas Development Limited Corporation, one of its subsidiaries. From 2004 to 2007, Mr. Hu was a director of Songyuan City Jingyuan Petroleum Development Company, a joint venture established by PetroChina Jilin Branch and the Beijing National Economic Council. Prior to 2004, he served in a management capacity with Jilin Petroleum Group Drilling Technology Research Institute and the Jilin Oilfield Administration Bureau.

"We are very pleased to welcome Mr. Hu to the board," said Mr. Jingfu Li, the acting CEO of China North East Petroleum. "His experience in China's oil industry and his ongoing relationship with PetroChina, a global industry leader and key customer, will make him an invaluable addition to our Company."

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 Limited

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED