is looking for the next breakout opportunity!
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Far East Energy Announces Continued Increase in Gas Production and Possible Pipeline Sales in Summer 2010
Far East Energy Corporation (OTC Bulletin Board: FEEC) announced today that gas
production from its Shouyang Block in Shanxi Province, China continues to
increase steadily and has achieved another milestone, now surpassing 400,000
cubic feet, or 400 Mcf per day. The rate of increase in produced gas volumes is
becoming more pronounced as critical desorption pressure is reached across an
expanding area.
"This is precisely what we want to see, and exactly what we were expecting,"
said Garry Ward, Senior Vice President of Engineering. "Once you have enough
wells drilled to properly dewater a high perm area, you expect to see more and
more wells ramping up in gas production and new wells coming on line with gas as
the dewatering lowers pressure and allows more and more gas to desorb off the
coal. We are now preparing to extend our development to the west, utilizing five
drilling rigs. We expect the existing wells to continue their increases as we
accelerate the dewatering of this area and expand the development."
Last week, Far East signed contracts with Beijing China Coal Dadi Technology
Development Company to provide four drilling rigs, and with Henan Yu Zhong
Geology Exploration Engineering Company to provide one rig to significantly ramp
up the drilling program in Shouyang. All five rigs are scheduled to begin
drilling new wells on or about December 15. Far East plans to drill and fracture
(frac) nine new wells before the Chinese New Year, which will occur in
mid-February 2010, and also to frac its existing P4 parameter well. Eight of the
new wells will continue the westward expansion of the high permeability field,
and one will be a new parameter well drilled several kilometers to the west to
continue to delineate the geographic extent of the high permeability/high gas
content area.
Additionally, Far East announced that Shanxi CBM and Natural Gas Gathering and
Transmission Company (Shanxi Gathering) has made a request to enter into
negotiations with China United Coalbed Methane Co. Ltd. (CUCBM) and Far East for
the purchase of Far East's Shouyang gas production. Under the terms of the
Production Sharing Contract covering the Shouyang Block, gas produced by Far
East and its partner, CUCBM, is sold by CUCBM on behalf of Far East. Shanxi
Gathering is commissioned to build a pipeline that currently is planned to be
routed through the Far East field, or just to the south of it, with construction
scheduled to begin early in 2010 and with completion expected by July 2010.
Shanxi Gathering has indicated its intent to accept the gas produced by Far East
regardless of volume. Previously, on October 26, 2009, Far East announced that a
Letter of Intent had been signed for the sale of gas produced from its Shouyang
Project; with the gas to be transported via a pipeline to be built by Shanxi
International Energy Co. Ltd to the area of Far East's current Shouyang gas
production. There are now two pipelines and one local distribution/compressed
natural gas company that have indicated a desire to purchase the gas produced
from the Shouyang Block.
Considering they upgraded the stock right before the huge fall, maybe it's not such a bad thing they downgraded it here ;)
Same to you! Hope you had great day with family and friends
China, U.S. eye pact to help troubled banks: sources
HONG KONG (Reuters) - Chinese and U.S. regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.
Chinese bankers have complained that it's been difficult for them to set up branches or invest in banks in the world's leading economy, due partly to U.S. regulators' tough supervision and strict approval process for financial deals.
But the global financial landscape has been revamped by the credit crisis, and cash-rich Chinese banks are now bigger players on the world scene and are scouting around for investment targets.
To illustrate the global shake-down, Industrial and Commercial Bank of China (Shanghai:601398.SS - News; HKSE:1398.HK - News) is now the world's biggest bank by market value, while Citigroup Inc (NYSE:C - News), once the world's No.1 bank, is worth the same as a second-tier commercial bank in China.
Two senior Chinese bankers said they had been invited this year by U.S. officials, investment bankers and financial advisers to look at several potential investments in U.S. banks, mostly in financial trouble.
"The trend is already there," said one Chinese banker. "Now they're going to make this into an agreement to show there's a change in official attitude toward Chinese investments in the U.S. banking system," said the banker, who declined to be identified due to the sensitive nature of the matter.
A Sino-U.S. Memorandum of Understanding (MOU) to encourage Chinese banks to invest in U.S. lenders is in the making, and China's banking regulator has sought feedback from big domestic banks, bankers told Reuters.
Over 100 U.S. banks have already been seized by regulators in the financial crisis, and more bank failures could come as the Obama administration also needs more capital to take over troubled lenders.
NO HURRY TO BUY?
The MOU would be part of a new strategic framework that ranges from climate change to international cooperation, Hong Kong's South China Morning Post reported on Tuesday.
The hope is to announce a deal during U.S. President Barack Obama's current visit to China, the newspaper said, citing unnamed mainland bankers briefed on the matter.
In October 2007, Minsheng Banking Corp (Shanghai:600016.SS - News), China's seventh-largest by assets, agreed to buy 9.9 percent of San Francisco-based UCBH Holdings Inc (NasdaqGS:UCBH - News) for more than $200 million in the first investment by a mainland Chinese bank in a U.S. bank.
But Minsheng has seen huge paper losses on its investment in UCBH, whose business focuses on mortgages for many Chinese Americans on the U.S. West Coast, as UCBH shares sank in the financial crisis.
Other Chinese banks such as ICBC and Merchants Bank (Shanghai:600036.SS - News; HKSE:3968.HK - News) have also shown an interest in expanding in the United States, but their approach may be different.
"I feel lots of uncertainties still exist in the U.S. financial market and we want to keep a distance from these toxic assets at this moment," said Ma Weihua, CEO of Merchants Bank, China's sixth-largest lender by assets.
"Our attitude toward U.S. financial assets is very conservative right now," Ma told Reuters by telephone.
Merchants Bank opened its first U.S. branch in New York about a year ago, and Ma said the branch would hire more local staff to expand its business there.
(Additional reporting by Twinnie Siu and Don Durfee, Editing by Ian Geoghegan)
GM FBS!
Still holding FSNM strong
I'm not that good :)
But indicators look good other than STOCH getting a little hot
Watch the 50sma which is at 11.33 now and resistance line around 12.50
Good Luck to you
The risk/reward ratio is outstanding!
Same here
If you never invest more than you have to lose, you'll never have to be worried of losing what you invested
First State Benefits from New Legislation
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--First State Bancorporation (“First State”) (NASDAQ: FSNM - News) today announced that with President Obama’s signature on House Bill 3548 on November 6, 2009, which includes an extension of the tax net operating loss (NOL) carryback period from two to five years, First State estimates that it should recover approximately $9.8 million of taxes paid in prior years based on the 2009 tax loss generated through September 30, 2009. The amount is subject to change based on our final tax calculations for the full year of 2009; however, we do not anticipate a significant change. Because First State currently has a valuation allowance offsetting its NOLs due to the uncertainty of the ability to realize them in future years, the amount recovered through the extended carryback will be recorded in earnings and capital in the fourth quarter ending December 31, 2009. The provisions of the carryback do not apply to any bank which has accepted Troubled Asset Relief Program (TARP) funds; however, First State has not accepted any TARP funds.
“This change in the tax laws will result in a very welcome boost to our capital,” stated Michael R. Stanford, President and Chief Executive Officer of First State. “Based on our balance sheet totals as of September 30, 2009, this tax benefit is the equivalent of about 45 basis points in total risk based capital for the subsidiary, First Community Bank,” continued Stanford.
ABOUT FIRST STATE
First State Bancorporation is a New Mexico based commercial bank holding company (NASDAQ: FSNM - News). First State provides services, through its subsidiary First Community Bank, to customers from a total of 40 branches located in New Mexico and Arizona. On Monday, November 9, 2009, First State’s stock closed at $0.62 per share.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
Certain statements in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). These statements are based on management’s current expectations or predictions of future results or events. We make these forward-looking statements in reliance on the safe harbor provisions provided under the Private Securities Litigation Reform Act of 1995.
First State’s news releases and filings with the Securities and Exchange Commission are available through the Investor Relations section of First State’s website at www.fcbnm.com.
Keep an eye on .008 resistance
RSI above 70 now too
Looks good - thanks!
Been doing real well, you?
GM FBS!
Didn't fill my order in time on the dip to .013!!
Was trying at .0138
Hoping for a double bottom on intraday now...
If it doesn't say how much, it probably isn't very notable
Maybe I'm just not looking in the right place...
FSNM Stats
Definitely worth researching further for your own satisfaction...
$13 Million Market Cap with $219 Million CASH in the bank
1 analyst with moderate buy rating http://moneycentral.msn.com/investor/invsub/analyst/recomnd.asp?symbol=FSNM
Trades at $0.63 with a $6.27 book value
Before the financial crises, it was trading over $20 a share
Price/Sales (ttm): 0.33
Price/Book (mrq): 0.10
Total Cash (mrq): 219.57M
Total Cash Per Share (mrq): 10.648
Total Debt (mrq): 637.36M
Book Value Per Share (mrq): 6.265
There is strong support at $0.59-$0.60… very good place to gamble some.
Also, there is rumors of a buyout, fwiw
yeah, I would say so, should be stronger
Remember though that its only noon... hasn't been a full day of trading yet
Gambling with FSNM
Good risk/reward here imo
In at 0.062~
Good morning!
Look at CXPO go!!
Got a couple annotated charts you might enjoy
http://www.walltweetonline.com/annotated-spy-aapl-goog/
Couple interesting annotations on SPY, GOOG and AAPL
Clicking on the charts make them full size
http://www.walltweetonline.com/annotated-spy-aapl-goog/
Been watching that stock forever... seems like a huge opportunity and should definitely be researched closely
Does seem to have found support at .20 and indicators are nice
Sounds good to me :Thumbsup:
yep, last year
Interesting stock... always trades at a low P/E even with tons of exposure. Not everything is air tight with it, but a good story for sure
hmm... looking good, thanks for bringing it to attention
Going in RZ... a bit of fun
Thanks for the post JoTeng!
Chart:
Nice!
lol, yep
fantastic trade though
haha, watching from a distance
Maybe I need to just give up on a nice retracement in the market... we'll see what happens when 10,000 hits
lol, I would hope so
haha, very funny
Actually it will be open this year on Columbus Day
RZ Doing Well
Still holding
+7.91%
ACAD now over $2....
well :) with the market still headed higher, I'm taking a passive approach which explains my lack of interest and posts on the stocks out there. It's good to take a break to recollect anyway.
Been doing pretty well and just enjoying life :Thumbsup:
GM FBS, how's it been going?