March 24, 2010 (FinancialWire) — China North East Petroleum Holdings Ltd. (AMEX: NEP), an oil producing and oilfield services company in Northern China, said that its oilfield services subsidiary, Song Yuan Tiancheng Drilling Engineering Co. Ltd., has signed a contract with PetroChina's Jilin branch to drill 30 new wells in PTR's FuYu field.

Accordingt o China Noth East, this the company's second drilling contract with PTR reported this year and the third drilling contract signed since December 2009.

Drilling of the 30 wells is scheduled to begin this month and conclude by March 2011. The value of this contract with PTR will be contingent upon the drilling depth of each of the 30 wells, according to the company.

China-based China North East Petroleum Holdings engages in the production of crude oil in Northern China. The company said it 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. It recently added an oil service subsidiary through its acquisition of Song Yuan Tiancheng Drilling Engineering.

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