China North East Petroleum Holdings Limited (NYSE Amex: NEP) is an independent oil company that engages in oil drilling project management and the extraction of crude oil in proven oilfields in Northern China. China North East Petroleum is a pioneer in China’s private oil exploration and production industry, and the first Chinese non-state-owned oil company trading on the NYSE Amex. NEP was established in 2003, and is headquartered in Song Yuan City, China, with administrative offices in Harbin, China and New York City. Through its Chinese subsidiaries Long De Oil & Gas Development Co. Ltd and Yu Qiao Oil & Gas Development Co. Ltd, NEP has entered into a lease agreement with PetroChina for the extraction of crude oil from four oilfields located in Jilin Province. Under this arrangement, NEP has rights to develop these leased oilfields and has agreed to sell all of its extracted oil to PetroChina for use in the China marketplace. China North East Petroleum has 257 employees and over 250 producing oil wells, and has plans for additional well drilling projects and further business expansion.
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