Recon Technology, Ltd. Subsidiary Receives Two More Orders from PetroChina's Oilfield Companies

Feb 02, 2016, 06:30 ET from Recon Technology, Ltd.

BEIJING, Feb. 2, 2016 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ:  RCON) ("Recon" or the "Company"), a leading independent oilfield services provider operating primarily in China, announced today that Beijing BHD Petroleum Technology Co., Ltd. ("BHD"), a wholly-owned subsidiary of the Company, received two orders for a total  of RMB 2.1 million (~US$0.3 million) from PetroChina's oilfield companies. The first order, dated January 12, 2016, is to supply two heat exchanger units, a major component of furnaces, to PetroChina's Jilin Oilfield for RMB 650 thousand (~US$0.1 million), with a scheduled delivery date of no later than March 15, 2016. The second order, dated January 21, 2016, is to supply two furnaces to PetroChina's Huabei Oilfield for RMB 1.47 million (~US$0.2 million), with a scheduled delivery date of February 29, 2016.

Both orders are part of PetroChina's furnace procurement program (the "Procurement Program") that BHD bided on and for which BHD has received a Class A Furnace Supplier qualification, as was previously announced by the Company on December 14, 2015. These two orders, combined with the RMB 3.22 million (~US$0.5 million) order received from PetroChina's Huabei Oilfield in December 2015, brings the aggregate order value to more than RMB 5.3 million (~US$0.8 million) to date for the Company under the Procurement Program.

Mr. Shenping Yin, Chairman and CEO of Recon, stated, "The Procurement Program, which covers a two year period from October 2015 to September 2017 with expected bids totaling more than RMB 2.9 billion (~US$457 million), provides Recon with an opportunity to boost our furnace business and expand our presence at PetroChina's oilfield companies. We expect to receive more follow-on orders as part of the Procurement Program in coming quarters."

About Recon Technology, Ltd.

Recon Technology, Ltd. (NASDAQ:  RCON) ("Recon") is China's first independent oil and gas field service company to be listed on NASDAQ. Working closely with leading global partners, Recon has achieved rapid growth supplying China's largest oil and gas exploration companies, including Sinopec and China National Petroleum Corporation, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures. The solutions Recon provides are aimed at increasing gas and petroleum extraction levels, reducing impurities, improving safety and lowering production costs. For additional information, please visit www.recon.cn.

Cautionary Statements

Statements made in this press release regarding Recon's current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of Recon. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," "prospects," "forecast," "estimate," "project," "anticipate," "aim," "intend," "seek," "may," "might," "could" or "should," and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions, judgments and beliefs in light of the information currently available to it. Recon cautions investors that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, 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 Exchange Commission. Therefore investors should not place undue reliance on such forward-looking statements. Actual results may differ significantly from those set forth in the forward-looking statements. 

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.

Contact:

Recon Technology, Ltd. 
Jia Liu, Chief Financial Officer 
Tel: +86-10-8494-5799 
Email: info@recon.cn

Weitian Investor Relations 

Tina Xiao 
Tel: +1-917-609-0333 
Email: tina.xiao@weitian-ir.com

SOURCE Recon Technology, Ltd.



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