China North East Petroleum Holdings, Ltd.(fka CNEP)

[PB78]

NEP So here is the summary.

NEP - The last 10-q had this -
In the first nine months of 2009, Tiancheng has completed contracts to drill 80 shallow wells, which include 74 wells for state-owned PetroChina Jilin Branch and six wells for non-state-owned Daqing Shunwei Energy Development Co. Ltd. The total drilling depth accomplished this year is 105,896 meters (~347,428 feet), with the revenue of $14,700,455 and net income of $4,820,661 or $0.22 in fully-diluted, pro forma EPS for nine months ended September 30, 2009. Tiancheng currently has existing contracts to drill 86 additional wells, and more contracts are under negotiation to increase the utilization of rigs and continue to grow sales revenue.

All the news i have seen say that the contract amount would depend on the drilling depth. Last PR had this-
Drilling of the 30 wells is expected to commence 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.

The Q4 production results were-
Additionally, the cmpany's newly acquired oil drilling and service subsidiary, Tiancheng completed drilling contracts for 60 wells with total drilling depth of 99,161 meters in Q409.

SO based on the above facts.

The estimated net from Tiancheng alone this Q should be
(4,820,661/105,896)*99,161=4,514,066