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CNEP Chart It becoming more apparent that the companies buyback is kicking in...what a steal down here...
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China North East Petroleum is a Pioneer in China’s Private Oilfield Production and Services Industry. Through its Chinese subsidiaries Long De Oil & Gas Development Co. Ltd and Yu Qiao Oil & Gas Development Co. Ltd, NEP has entered into 20-year lease agreements with PetroChina Jilin Branch for the extraction of crude oil in Jilin Qian’an Oilfield. Under this arrangement, NEP has agreed to sell all of its extracted oil to PetroChina Jilin Branch for use in the China marketplace.
NEP was established in 2003 under the name of Hong Xiang Petroleum, an independent oil extractor in Song Yuan City, Jilin Province China which possessed the oil reserve leasing rights for Qian’an 112 Oilfield. In 2004, Hong Xiang Petroleum changed its name to China North East Petroleum Holdings Limited and secured a public listing in the United States capital markets.
In 2005 through 2007, NEP acquired additional oil reserve leasing rights of three oilfields (Hetingbao 301 Oilfield, Da’an 34 Oilfield, and Gu’dian 31 Oilfield) bringing total oilfields under management to four. Today, according to a report prepared by PetroChina Jilin Branch of Research Institute for Exploration and Development, total geological reserves of the oilfields that NEP operates total 75 million barrels or 5.5 million barrels of proven reserves according to 2008 SEC proven reserve report prepared by R.E. Davis Associates.*
With a strong track record of oil production management, NEP’s 257 results-driven employees are committed to accelerating production, generating strong cash flow and creating shareholder value.
* For more information on reserves, please refer to the oilfield reserves section.
Corporate Entity Structure
NEP’s business model is simple, relatively low risk and yet efficient and effective.
NEP believes that the strengths of its business model are:
STRONG CASH FLOW
HIGHLY SCALABLE
LOW RESERVE RISKS
NO SALES/ MARKETING COST.
MINIMAL ACCOUNTS RECEIVABLE RISK
With its foundation firmly laid, NEP will execute a multi-pronged strategy to take advantage of the compelling opportunities that have arisen as a result of China’s oil demand and supply gap. Specifically, NEP will:
Accelerate well drilling on NEP’s current oilfields and utilize future cash flows generated to drill more wells.
Further implement mature technologies such as water flooding and CO2 injection to increase production.
Apply to secure additional oilfield leases to increase reserves and oilfield acreage.
Consider the acquisition of E&P related Businesses already in operation in Jilin Oilfield and elsewhere
Wang Hongjun, Chairman and President
Mr. Wang has served as Chairman and President of the Company since May 2004, following completion of the share exchange transaction with Hong Xiang. Mr. Wang has over 15 years experience in the business management and oil industry experience. Before he joined the company, Mr. Wang worked for Jilin Oil Field and Drilling Company as an Executive with the responsibility of overseeing operations and coordinating various projects.
Zhang Yang Dio, Chief Financial Officer
Mr. Zhang has served as Chief Financial Officer of the Company since January 2006.
Prior to NEP, Mr. Zhang served as Controller of Harbin Gloria Inn Mr. Zhang received a Business degree from London College of International Business Study and a degree in Accounting from London South Bank University. Mr. Zhang is a candidate member under the Association of Chartered Certified Accountants (ACCA).
Jiang Chao, Director of Finance and Secretary
Mr. Jiang, based in NEP’s New York office, has served as Director of Finance and Secretary of the Company since 2006. Prior to joining NEP,, Mr. Jiang served as a Financial Manager at Songzai International Holding Group, Inc., a Nevada corporation engaged in the coal mining business. Mr. Jiang holds a Master’s degree in International Business Management from University of Surrey (UK) and received Business degrees from University of Bradford (UK) and Heilongjiang University (China).
Zhang Xiang, Chief Geological Engineer
Mr. Zhang has served as NEP’s Chief Geological Engineer since 2004, having been appointed to this position by PetroChina Jilin Branch. Mr. Zhang has over 20 years oil-drilling experience with the majority of this experience gained in Jilin Oilfield where NEP operates. Besides his regular drilling duties, Mr. Zhang is focusing his attention on implementing mature technologies to increase production. Prior to joining NEP, Mr. Zhang worked for The Research Institution of Geology Exploitation in PetroChina Jilin Branch’s Qian’an oil refinery. Mr. Zhang received a degree in Geological and Oil Extraction Engineering from The Institute of Da Qing Petroleum.
Liu Xiaoyu, Senior Geological Engineer
Mr. Liu has served NEP as a Senior Geological Engineer since 2003, having been appointed to this position by PetroChina Jilin Branch. Mr. Liu has 18 years of geological working experience with the majority of this experience gained in Jilin Oilfield where NEP operates. Prior to NEP, Mr. Liu worked as Team Leader of Geological Data Analysis at The Research Institute of Geological Exploitation in PetroChina Jilin Branch’s Qian’an oil refinery.Mr. Liu received degree in Geology from The Institute of Bu Xing Ming.
Hu Ruishi, Project Manager
Mr. Hu joined the company in 2008 and with over 20 years oilfield working experience he currently serves as project manager. He was appointed by PetroChina Jilin Branch as Chief Technical Representative to Songyuan Yu Qiao Oil & Gas Development Co. Ltd. Mr. Hu has been working as Board of Director of PetroChina Jilin Branch for 6 years since 2001, and as the Chairman of Labor Union at Jilin Research Institute of Exploitation and Oil Drilling since 1987.
Lu Cangshan, Project Manager
Mr. Lu has served as project manager since 2007. He was appointed by PetroChina Jilin Branch as a chief technical representative to Longde Oil & Gas Development Co. Ltd. Mr. Lu has extensive experience in the development of oil drilling projects management and oil extraction and exploitation. He previously worked as deputy director of geological research department at PetroChina Jilin Branch Qian’an oil refinery for almost 15 years.
Mr. Lu received geology degree from The Institute of Jilin Petroleum.
Wang Chunsheng, Production Manager
Mr. Wang was recently appointed by PetroChina Jilin Branch to Songyuan Yu Qiao Oil & Gas Development Co. Ltd. and served as production manager for the company. He previously worked as an engineer to support and supervise the PetroChina Jilin Branch Qian Guo Fuli Oil Refinery daily operation and production since 1997 and worked for Xin Li Oil-Drilling Factory for almost 15 years as an engineer. Mr. Wang graduated from the Institute of Jilin Petroleum.
Management Hierarchical Structure
Wang Hongjun, Chairman
Mr. Wang has served as Chairman and President of the Company since May 2004, following completion of the share exchange transaction with Hong Xiang. Mr. Wang has over 15 years experience in the business management and oil industry experience. Before he joined the company, Mr. Wang worked for Jilin Oil Field and Drilling Company as an Executive with the responsibility of overseeing operations and coordinating various projects.
Yu Liguo, Director
Mr. Yu has served as Director of the Company since June 2004. In 2003, Mr. Yu was elected a director of Harbin Hong Xiang Petroleum Services Limited, a wholly-owned subsidiary of the Registrant. From 2000 to 2003, Mr. Yu was employed by Jilin Yong Ji Telecommunication Company as General Manager. Prior, Mr. Yu was employed by the Department of Industrial & Commercial Bank of China as Vice Manager of Human Resources from 1997 to 2000. Mr. Yu received a bachelor degree in International Finance from Jilin Financial College.
Robert Bruce, Independent Director and Chairman of Audit Committee
Mr. Bruce is President of Oakmont Advisory Group, LLC, a financial management consulting firm located in Portland, Maine. Prior to founding Oakmont Advisory Group, from 1999 through 2004 he served as Chief Operating Officer, Treasurer and Director for Enterix Inc., a privately-held, venture-funded medical device and laboratory services company that was purchased by Quest Diagnostics. He also previously served as Chief Financial Officer for Advantage Business Services (1997 to 1998), a privately-held national payroll processing and tax filing business that was subsequently acquired by PayChex. Mr. Bruce is a member of the Board of Directors of Immucell Corp., a NASDAQ listed manufacturer of animal health products. Mr. Bruce received his MBA from the Yale School of Management, and a Bachelor of Arts degree in East Asian Studies from Princeton University. Mr. Bruce speaks fluent Mandarin Chinese.
Edward Rule, Independent Director and Chairman of Compensation Committee
Mr. Rule is Chairman of TDR Capital International Limited, a Hong Kong based financial services house. Most of his career has been spent in China, initially as a diplomat and subsequently as an investment banker with the Standard Chartered Group and private equity professional with the $800 million Asian Infrastructure Fund. He is a graduate in Chinese language of the University of Melbourne and the Australian National University. He speaks Mandarin Chinese and Cantonese. He has been director of several listed companies in Hong Kong and Australia.
Li Jingfu, Independent Director and Chairman of Nominating Committee
Mr. Li is the Chairman and top representative of Joint Management Committee of Qian Guo County Longhai Petroleum & Natural Gas Co., Ltd. and was appointed to that position by Petro China’s Jilin branch in 2005. Mr. Li has been in the petroleum industry since 1970. In his extensive career he has served as Vice Monitor for Jiang Han Oil Field’s comprehensive logging team, Secretary of Command Department of Petroleum Hui Zhan in Jilin Province, Vice President of Jilin Oilfield Exploration and Development Research Institute. From 1995 to 2002, Mr. Li was appointed by PetroChina’s Jilin branch to serve as General Manger of management and production operation of oil exploitation of Jilin Jiyuan Petroleum & Natural Gas Development Co. Ltd. From 2002 to 2005, Mr. Li, served as Project Manager of Song Yua City Qian Yuan Oil & Gas Development Co., Ltd. also by appointment by PetroChina’s Jilin branch. Mr. Li received his bachelor’s degree from Chang Chun Geology Institute in Jilin, China.
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