China North East Petroleum Forecasts 2013 as Year for Big Production and Profits

Atticvs Research submits:

China North East Petroleum Holding's (NEP) Q4 2010 earnings conference call on March 16 provided valuable insights into Shengyuan, the pending acquisition located in Inner Mongolia, as well as the companys existing business.

  • NEP plans to drill 20-30 test wells in 2011 in the Durimu oilfield after completion of the Shengyuan acquisition and bring these into production as soon as practicable.
  • The cost of drilling each well in the existing Jilin oilfield is about $340k (Yuan 2.0 to 2.5 million) and drilling costs at Durimu will be higher, although the company wont be able to give accurate guidance on costs or the overall drilling plan until its engineering team completes further work.
  • The well-documented severe floods and landslides in China during Q2 and Q3 2010 hurt both oil production and drilling services, and escalated costs thereof during Q4. But now in Q1 2011, NEP is already back performing at fully

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