China North East Petroleum Holdings Ltd. (CNEH.OB) Releases Increase in Q4 and Fiscal 2007 Revenues as well as Income
China North East Petroleum Holdings Ltd. (OTCBB: CNEH) today released its financial results for the fourth quarter and 12 months ended Dec. 31, 2007, posting increases across the board. The China-based oil producing company operates four oilfields in northern China. For fiscal 2007, China North posted a 266 percent increase in sales; revenues for the year were $19.5 million, up from $5.3 million the year prior. The increase is attributed to higher oil production and oil prices. Fourth-quarter revenue rose 539 percent to $7.7 million, up from $1.2 million for the same period of 2006. "We are extremely pleased with…