China Daqing M & H Petroleum, Inc. issued an updated operational plan covering anticipated oil and gas exploration and development activities for 2012. The company plans to drill thirty new wells across its portfolio next year.
China Daqing M & H Petroleum has obtained from Petro China the right to explore and develop oil and gas assets at the Miao 14 Oilfield blocks located in Jilin Province, China. This right expires in 2022 and the company is required to sell all its hydrocarbon output to Petro China.
China Daqing M & H Petroleum estimates that the Miao 14 oilfield block contains 5.4 million tons of proved oil reserves. The company is waiting for the installation of equipment prior to initiating its drill program and anticipates starting in May 2012.
China Daqing M & H Petroleum sold $7 million of crude oil to Petro China in the third quarter of 2011, up from $4.7 million in the comparable quarter of 2010. The company attributed this increase to the addition of thirty new wells and the re completion of nineteen of its existing wells.
China Daqing M & H Petroleum plans to drill thirty new wells in 2012, and this level of activity will increase the company’s well count to 151 producing wells.
About QualityStocks:
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment