Recon Technology Won Several New Automation Contracts from CNPC Jidong Oilfield and Sinopec Southwest Oilfield
BEIJING, Nov. 20, 2013 /PRNewswire/ -- Recon Technology, Ltd. (NASDAQ: RCON), an oilfield service company provider ("Recon" or the "Company") operating primarily in the People's Republic of China, announced today it recently won several new automation system contracts with CNPC Jidong Oilfield and Sinopec Southwest Branch Company. The total value of these new contracts will be approximately RMB7.3 million or USD1.2 million.
"The 'digital oilfield' has been one of the most important development of China's oilfield industry. Our leading-edge automation and control technologies help our clients operate more efficiently and effectively, and we are pleased to win these bids and opportunities to help our long-term clients, CNPC and Sinopec," said Mr. Yin Shenping, CEO of Recon Technology. "Utilization of automation technology system in China's Petroleum industry is currently in its early stage. As Chinese oil companies invest more in efficiency. We believe our rich experience, outstanding technology, professional project management staff and construction personnel will help us to stay ahead in the Chinese oilfield automation and service industry."
About Recon Technology, Ltd.
Recon Technology, Ltd. provides leading Chinese oil and gas companies with automation services designed to increase efficiency and profitability in relation to the exploration, extraction, production, refining and transportation of field based petroleum products for 10 years. Recon Technology is the first Chinese non-state-owned oil and gas service company to go public in the U.S. For additional information please visit us at www.recon.cn.
Forward Looking Statements
No statement made in this press release should be interpreted as an offer to purchase any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties as identified in Recon's filings with the Securities and Exchange Commission. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. Recon undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Recon Technology, Ltd.