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Far East Energy Announces Increase in Shouyang Gas Production and New Wells Passes 750 Mcf per Day Threshold
HOUSTON, June 11 /PRNewswire-FirstCall/ -- Far East Energy Corporation (OTC Bulletin Board:FEEC.ob - News) announced today that gas production from its Shouyang Block in Shanxi Province, China, has surpassed 750 Mcf per day. After drilling additional wells and a successful 11-well fracture stimulation program during April 2010, the Company has seen a significant increase in gas production. The 20D well, located in the center of Far East's pattern of wells, is currently producing above 160 Mcf per day; and the 17D well, also in the central part of the pattern, is above 90 Mcf per day. A second fracture program of 7 to 8 wells is now underway. The Company is presently drilling and/or completing 5 new wells in the 1H Pilot Area, and further production increases are expected.
"We are pleased to see the interior wells responding to the extension of the pattern as new wells are drilled," said Garry Ward, Senior Vice President of Engineering. "This is an indication that we are seeing the classic production reactions of a high permeability field. You first dewater for an adequate period to lower the pressure in the field sufficiently to allow the gas to release. This reaction began to occur with rapid production increases last December. Then, as more wells are added to the edges of the pattern, they have a further positive effect of dewatering and further lowering the pressure in the entire area of the pattern. The wells in the center of the pattern generally receive optimal benefits from the dewatering of all the wells around them, and therefore, it is expected that their production will steadily increase as additional wells are added. We believe, that is what we are seeing with the 20D and the 17D wells."
Seven additional step-out or parameter wells are planned to be drilled in the next three months to continue testing the #3, #9 and #15 coal seams all the way to the eastern and western boundaries of the Shouyang Block. These seven wells will be in addition to five parameter wells that have already been drilled at intervals of several kilometers from the 1H Pilot Area to test the extent of high permeability and high gas content in the northern portion of the Shouyang Block. Early testing of the P4 and P5 parameter wells has shown good permeability, which is also true with the other parameter wells the Company has drilled and stimulated reaching out from the 1H Pilot Area. The P3 parameter well is already producing in excess of 70 Mcf per day, and the P4 is above 60 Mcf per day.
Mr. Ward commented, "It is encouraging that these wells should be producing at this rate so quickly. The results of the other seven parameter wells are expected by the third quarter."
"This report is exciting for the Company since it tracks well with our expectations for production increases as we bring more wells on line, and since some of the interior wells are beginning to give us the type of superior gas volumes that are anticipated in a high permeability area," said Michael R. McElwrath, CEO and President of Far East Energy."
Far East Energy Corporation
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on CBM exploration and development in China.
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: pipelines needed to transport our gas may not be constructed, or if constructed may not be timely, or their routes may differ from those anticipated; pipeline and local distribution/CNG companies may decline to purchase or take our gas; the timing of any definitive agreement may take longer than anticipated and the terms may not be as advantageous as expected; the gas produced at our wells may not increase to commercially viable quantities or may decrease; we may have insufficient capital to fund our planned drilling or to develop the Shouyang Block; the high permeability and high gas content may not be as widespread as anticipated; weather may significantly delay our planned drilling program; wells may be damaged or adversely impacted during the production process, resulting in decreases in the amount of gas produced, or that can be produced; certain proposed transactions with Arrow Energy may not close on a timely basis or at all, including due to a failure to satisfy closing conditions or otherwise; the anticipated benefits to us of transactions with Arrow may not be realized; the final amounts received by us from Arrow may be different than anticipated; the Chinese Ministry of Commerce (MOFCOM) may not approve the extensions of the Qinnan Production Sharing Contract (Qinnan PSC) on a timely basis or at all; PetroChina or MOFCOM may require certain changes to the terms and conditions of the Qinnan PSC in conjunction with their approval of any extension; our lack of operating history; limited and potentially inadequate management of our cash resources; risk and uncertainties associated with exploration, development and production of CBM; expropriation and other risks associated with foreign operations; disruptions in capital markets effecting fundraising; matters affecting the energy industry generally; lack of availability of oil and gas field goods and services; environmental risks; drilling and production risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K for 2009 and subsequent filings with the Securities and Exchange Commission.
Yep, trapped me inside a graduation party for three hours though. Every road leading back to my place was flooded in one part or another. Had a good time though and needed a good reason to relax
Yup, just wish some of my stocks would move faster. I got patience though
You?
'morning FBS
I sure hope it'll continue on more than just inflation - just kidding
FWIW every country does 'peak out' eventually... but it could be years away
yep, got out above 3.10
turned out being a wise decision...
a stock can always go lower
Yep! And the market is headed the right direction too
Should be an easy trade here
Bought at the same price :Thumbsup:
Didn't load the boat, but happy with my position
Chart is looking great!!
Really liking the way this one is shaping up!
Got it at 3.15 earlier this morning - had stop below $3
Got some
Wish MFI was lower but everything else looks great!
GM!
Nice
Big reason I'm in FEEC
Good morning FBS
You're welcome
It depends on what kind of trader you want to be. If its all about momentum and being the first to act, then you won't have time to research the company itself and should focus on technical analysis. But if you plan on holding shares for any length of time, you will need at least a basic understanding of the fundamentals (and charts).
The above applies to both penny stocks and big boards
lol, yep!
This is a great place to start
http://traderpower.com/market-basics
But there is lot's to learn. I suggest learning all you can and then pursuing whatever interests you most. It's impossible to be a great trader in all aspects of the market.
www.stockcharts.com has a lot of great info on technical analysis as well
One of the top rules, make sure you have the right tools. Don't try to save $20~ a month by not getting something you need to succeed.
Pharma stocks aren't my thing... approval isn't why I bought the stock (which I sold later after I found out their profitability problem). Their PR made it look like it just turned the corner, but they've got awhile to go.
It's not that important to me
He needs help. Been struggling for a couple years now. Just doesn't have enough willpower or someone to keep him going
wow, nice job! You should meet my dad sometime
By the way, the FDA decision is expected next month (based on how long others have taken)
Cardium (CXM) Files FDA 510(k) Application for Marketing Clearance of ExcellagenXL(TM) Topical Gel and Flowable Collagen
http://www.streetinsider.com/Corporate+News/Cardium+(CXM)+Files+FDA+510(k)+Application+for+Marketing+Clearance+of+ExcellagenXL(TM)+Topical+Gel+and+Flowable+Collagen/5156981.html
Not quite the stock I thought it was... not that it's a bad company, just not a profitable company like I thought (see recent PR on Q4 results). In fact they aren't expected to make a profit for the next 5 years according to the 10k filing. Not my kind of company although going to hang in there for the trade.
Interesting info:
Report on Matrix Phase 2b Clinical Trial
The data revealed that patients receiving Excellarate exhibited early and rapid wound healing responses as evidenced by substantial reductions in wound radius over the first several weeks following product administration, which responses were both greater and faster than those observed among patients that had received standard of care. For example, a 108% relative improvement (decrease in ulcer radius) compared to standard of care was observed over the first week following administration of Excellarate, and a 50% relative improvement was observed as an average over the first four weeks.
"This was an important year for Cardium with the sale of our first portfolio business unit, InnerCool Therapies, to Royal Philips Electronics, completion of our Phase 2b Excellarate clinical study, an FDA application for 510(k) U.S. marketing clearance for our Excellagen product candidate, and the commercial development of our MedPodium advanced skin care line.
$41.26 Million Market Cap
9.91% held by insiders
5.50% held by institutions
Dawson James “Buy” Rating with $1.50 price target
No recent insider trades
hey sidesh0w
what's on your watchlist?
Bought it near support... held well today
Hopefully research tonight
.52 hit...
Watching very closely here
Any thoughts from long time holders?
I'm still here
Holding strong
Haha, yeah but didn't have time to cherry pick or build my own
Definetely thankful it happened on a Saturday...
Computer went down so spent my weekend trying to fix it and then ended up buying a new one and transfering everything over
CXM research was shelved, but still a priority...
Only a small peice (relatively speaking) :) I got impatient with it
GM!
GM FBS!
Let's make some green