China North East Petroleum posts strong Q1 financial results

China North East Petroleum Holdings Ltd, an oil producing company in Northern China, on Thursday announced consolidated financial results for the first quarter ended Mar. 31, 2008.

Net income for the first quarter jumped significantly to US$3.3 million, or US$0.17 per diluted share, versus US$287 thousand, or US$0.01 per diluted share, in the first quarter of 2007.

Total sales for the first quarter were US$10.8 million, up 476% compared to US$1.9 million over the same period last year, helped by increased oil production and higher oil prices. Crude oil production for the first quarter surged 259% to 15,691 tons (115,800 barrels) from 4,367 tons (22,561 barrels) for the first quarter of 2007.