HOUSTON, Dec. 20, 2013 /PRNewswire/ -- Far East Energy Corporation (OTCBB:FEEC), the U.S. listed company that operates the Shouyang Block Coalbed Methane (CBM) Production Sharing Contract (PSC) in Shanxi Province, People's Republic of China, today announced an 22% increase in its gas production since the Company's last update on production volumes on Monday, December 16, 2013.
Updating its announcement of December 16th that gas production had increased to 1,157,967 cubic feet per day (1,158Mcf/d) as of December 15th, the Company announced that production for December 19th in China was 1,412,744 cubic feet per day (1,413 Mcf/d). This represents an approximate 22% increase in the past four days and represents an approximate 91% increase over average production for the week ended November 12, 2013, during which production was 738 Mcf/d as announced on December 12th.
The Company also announced that the increase in the rate of field water production has continued to outstrip the increase in the well count, signifying that the field's dewatering efforts from new wells are continuing to have a synergistic effect on the total dewatering process. As of December 17th total field water production has increased 133% while the number of producing wells has increased 59% compared to the water production and well count respectively in mid-June when the first wells from this year's drilling program began pumping.
Commenting, CEO Mike McElwrath said, "We are very pleased to see that all of the hard work of this year is now bearing fruit in the form of strongly rising gas production. Indeed, today's production is by far the highest single day production ever from Shouyang; and, coupled with the recent increase in our contracted gas price and the one year extension of the Area B exploration acreage of our Block, we are very optimistic about the potential of the Shouyang Project as we head into 2014."
