Recon Technology Secures $1.2M in New Equipment and Chemical Orders for Chinese Oil and Gas Fields
March 08 2010 - 9:00AM
PR Newswire (US)
BEIJING, March 8 /PRNewswire-Asia-FirstCall/ -- Recon Technology,
Ltd. , a leading Chinese non-state-owned oil and gas automation
services provider, announced today that it has received
approximately $1.2 million in four new equipment and chemical
orders from China National Petroleum Corporation (CNPC). Recon
received an RMB 1,493,973 (approximately $219,000 USD) order from
the CNPC Changqing Sulige Gas Field in Inner Mongolia. This
includes various gas and oil field chemicals, such as gas well
cleanup additive, clay stabilizer, crosslinking agent, foaming
agent and bactericides. The company secured this order based on the
superior quality of these chemical products that enhance both gas
and oil field extraction and productivity. Recon also received an
RMB 2,276,000 (approximately $333,000 USD) order from CNPC Tuha
Oilfield in China's Xinjiang Uygur Autonomous Region and an RMB
1,731,600 (approximately $254,000 USD) order from the CNPC for the
First Extraction Plant of Huabei Oilfield in Hebei Province. Crude
petroleum from these fields contains impurities including water and
natural gas that must be removed before the petroleum can be sold.
These two orders include Recon's patented oil field furnaces that
remove impurities and prevent solidification and blockages in oil
pipelines. Recon's highly automated furnaces operate with 90%
heating efficiency. Lastly, Recon received an RMB 2,378,493
(approximately $348,000 USD) order from CNPC for the Fourth and
Fifth Extraction Plants of Huabei Oilfield for burners and
horizontal furnaces. Recon's leading technology in its burners and
furnaces was an important element in securing this order. Recon
Technology CEO Shenping Yin said, "These four orders from CNPC
further demonstrate Recon's strong competitive position in
increasing efficiency and profitability for China's oil and gas
industry. We're pleased that CNPC, as a leading Chinese oil and gas
company, continues to cooperate with Recon for products and
technology to enhance oilfield productivity and profitability."
About China National Petroleum Corporation (CNPC) CNPC is China's
largest oil and gas producer and supplier, as well as one of the
world's major oilfield service providers and a globally reputed
contractor in engineering construction. With a presence in almost
70 countries, CNPC is an integrated international energy company,
with businesses covering oil and gas operations, technical
services, engineering and construction, equipment manufacturing,
financial services and renewable energy development. The company is
listed on The Stock Exchange of Hong Kong (SEHK) under code "0135".
For additional information about CNPC, please visit the company's
website at http://www.cnpc.com.cn/en/ . About Recon Technology,
Ltd. Recon Technology, Ltd. has been providing leading Chinese oil
and gas companies with automation services that increase efficiency
and profitability in exploring, extracting, producing, processing,
refining and transporting petroleum products for over 10 years. The
company's proprietary computerized process control system manages
oil production in real-time to increase extraction levels, reduce
impurities in extracted petroleum and lower production costs. In
addition, as one of only two acoustic system providers in the
world, Recon's acoustic pipeline monitoring system is widely used
to prevent gas leakage in the transport pipeline. Recon's
technology is based on three software copyrights, eight product
patents and four pending patents. Recon Technology is the first
Chinese non-state-owned oil and gas service company to go public in
the U.S. More information may be found at http://www.recon.cn/ or
e-mail: recon@hawkassociates.com . Recon's online investor kit,
including an investment profile, press releases, current price
quotes, stock charts and more is available at
http://www.hawkassociates.com/profile/rcon.cfm . To receive
notification of future releases via e-mail, subscribe at
http://www.hawkassociates.com/about/alert/ . This news release
contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance, and underlying
assumptions and other statements that are other than statements of
historical facts. These statements are subject to uncertainties and
risks including, but not limited to, product and service demand and
acceptance, changes in technology, economic conditions, the impact
of competition and pricing, government regulation, and other risks
contained in reports field by the company with the Securities and
Exchange Commission. All such forward-looking statements, whether
written or oral, and whether made by or on behalf of the company,
are expressly qualified by the cautionary statements and any other
cautionary statements which may accompany the forward-looking
statements. In addition, the company disclaims any obligation to
update any forward-looking statements to reflect events or
circumstances after the date hereof. For further information,
please contact: Hawk Associates Susan Zhou Tel: +1-305-451-1888
Email: recon@hawkassociates.com DATASOURCE: Recon Technology, Ltd.
CONTACT: Investor Contact: Susan Zhou,
+1-305-451-1888,recon@hawkassociates.com, of Hawk Associates, for
Recon Technology, Ltd. Web site:
http://www.hawkassociates.com/about/alert
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