Recon Technology's BHD Division Receives New Authorization to Provide
Fracturing Equipment and Services for Sinopec
BEIJING, CHINA -- (Marketwired) -- 03/11/14 -- Recon Technology,
Ltd. (NASDAQ: RCON), a leading oilfield services provider that
operates primarily in the People's Republic of China, today announced
that its BHD Petroleum Technology Ltd. division has received a new
oil field access Certificate from China's state-owned oil and gas
exploration company, Sinopec, authorizing BHD to provide horizontal
fracturing equipment and services at Sinopec's Northeast oilfield
branch in China's Jilin Province.
BHD has thus far provided fracturing equipment utilized at one of
Sinopec Northeast oilfield's wells. That well produced revenue of
approximately RMB 1.2 million ($196,721) for BHD. According to
Sinopec's production plan, an additional 21 wells will require
fracturing services in 2014, with a budget of approximately RMB 2
million ($326, 880) per well.
In its work for Sinopec, BHD will continue to utilize the fracturing
tools of its long-term technology partner, Baker Hughes. The detailed
operating plan and onsite service for Sinopec will be designed and
implemented by BHD's professional service team.
"We are very pleased to receive this Certificate from Sinopec," said
Mr. Chen Guangqiang, CTO of Recon Technology. "Not only does this
provide us with a key source of incremental revenue, it also
corroborates, at the highest industry level, the quality of our
oilfield fracturing technology and those fracturing technologies we
have developed with Baker Hughes. We will continue to work with Baker
Hughes to help expand the use of their products in China's oilfield
"We look forward to continuing our important work at Sinopec's
oilfields this year, and hopefully, to announcing additional
technology contracts in the near future."
Recon Technology, Ltd. is China's first listed non-state owned oil
and gas field service company on Nasdaq (RCON). Recon supplies
China's largest oil exploration companies, Sinopec and CNPC, with
advanced automated technologies, efficient gathering and
transportation equipment and reservoir stimulation measure for
increasing petroleum extraction levels, reducing impurities and
lowering production costs. Through the years, RCON has taken leading
positions on several segmented markets of the oil and gas filed
service industry. RCON also has developed stable long-term
cooperation relationship with its major clients, and its products and
service are also well accepted by clients. For additional information
please visit us at www.recon.cn.
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 filed by the company with the Securities and
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.
Recon Technology, Ltd.
+86 (10) 84945799
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