China North is an oil production company based in its namesake. The shareholders meeting was held Tuesday at its corporate office in Harbin, China. Those attending included CNEH executives, the company’s board of directors, and company shareholders, including lead investor Harmony Capital, which sent two representatives from Singapore and Hong Kong. Newly re-elected until the next annual shareholders’ meeting in 2009 are Mr. Wang Hongjun, Mr. Yu Liguo, Mr. Li Jingfu, Mr. Robert Bruce and Mr. Edward Rule.
“We are very satisfied with the company’s progress since we made our $15 million investment at the end of February 2008,” said Harmony Capital Executive Director Alan Mercer. “We were happy to hear from CNEH management that its drilling program is proceeding well and its production targets are exceeding the company’s original plan.”
In a company news release, CNEH President Hongjun Wang said the rest of the year should see production increase as northeast China has left its rainy season behind. The goal for the rest of 2008 is to drill 10 more wells each month. This would result in a total of 240 wells or a 53% increase compared to 157 at the end of 2007.
“We continue to focus on expanding our total oil production output,” Wang said in a written statement. “Since the beginning of the year, we have drilled a total of 46 new wells and as of September 2, our number of producing wells now totals 203. The contribution of our existing wells year to date has resulted in 48,000 tons of crude oil, which is equivalent to 354,000 barrels.
“Our monthly production continues to accelerate. In August we produced over 7,600 tons of oil (approximately 56,000 barrels), which is our largest monthly oil production output to date.”
Other business included naming Jimmy C.H. Cheung & Co. as CNEH’s independent auditors for the current fiscal year ending Dec. 31, 2008. A stated company goal is to be listed on “a major exchange” by the end of the year.
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