China North East Petroleum Announces Stock Repurchase Program

HARBIN, China and NEW YORK, Nov. 24 /PRNewswire-FirstCall/ -- China North East Petroleum Holdings, Limited (OTC Bulletin Board: CNEH.OB), a leading oil producing company in Northern China, announced today that its Board of Directors has authorized a stock repurchase program totaling an amount up to USD$2 million worth of the company's outstanding common stock in open market transactions over the course of the next 12 months.

Mr. Hongjun Wang, Chairman and President commented, "Our Board's decision to authorize this repurchase initiative emphasizes continued confidence in our company and represents an attractive investment based on current market prices. The strength of our balance sheet enables us to execute this program while still being able to achieve our short and long-term growth strategies. We believe this buyback is an effective use of our capital and highlights our commitment to enhancing value for our shareholders."

In addition, Mr. Wang also announced that he is personally planning to purchase up to USD$300,000 worth of the Company's common stock on the open market as well.

Mr. Wang commented, "My decision to purchase additional shares demonstrates my confidence in CNEH and reflects my personal belief that recent share price levels undervalue the company."

The timing and nature of repurchases will be in accordance with the rules and regulations of the U.S. Securities and Exchange Commission that govern such purchases. China North East Petroleum management will determine the timing and amount of any repurchase based on its evaluation of market conditions and other factors. The share repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock, and the program may be extended, modified, suspended or discontinued at any time.

ABOUT CHINA NORTH EAST PETROLEUM

China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.

Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.

SOURCE China North East Petroleum Holdings, Limited