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Subj: FAR EAST ENERGY REPORTS EXCELLENT TEST RESULTS ON FIRST CHINA CBM WELL
Date: 12/5/03 11:59:57 AM Central Standard Time
From: STW@BB.MyStockUpdates.com
Sent from the Internet (Details)
In order to be in full
compliance with the U.S. Securities Act of 1933, Section 17(b),
we are receiving a total of U.S. $30,000 and 50,000 free
trading shares of Far East Energy Corporation from a third
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STOCKS TO WATCH
FAR EAST ENERGY REPORTS EXCELLENT TEST RESULTS
ON FIRST CHINA CBM WELL
OTC BB: FEEC Last sale: $3.45 Far East Energy has released
the following announcement. We first brought this company to
your attention in June at $0.90, then in August at $1.85 and
$2.30, and again last month at $3.16.
Based in Houston, Texas, with offices in Beijing and Kunming,
China, Far East Energy is focused on the exploration and
development of some of the largest coalbed methane (CBM)
projects in the world through its agreements with
ConocoPhillips (NYSE: COP) and China United Coalbed Methane
Company (CUCBM). Indeed, Far East Energy's share of potentially
recoverable CBM in China is estimated to be equivalent to 5% -
10% of the entire recoverable CBM potential in the U.S.
China is energy deficient and CBM will play a big part in
China's energy future. Natural gas consumption in China is
rising rapidly, fueled by an unprecedented economic boom - the
business of China is now business. Furthermore, China has
mandated that natural gas replace coal as the major source for
electricity by the 2008 Olympics in Beijing.
Michael McElwrath, Chairman, President and CEO of Far East
Energy, previously held positions as Acting Assistant Secretary
of Energy - U.S. Department of Energy, Director of the National
Institute for Petroleum and Energy Research and Deputy
Assistant Secretary for policy for the U.S. Department of
Interior. Don Gunther, Advisor to Far East Energy, currently
sits on the Board of Directors for Williams Energy Partners
(NYSE: WEG), which is principally owned by Williams Companies,
Inc. (NYSE: WMB).
This latest announcement is excellent: preliminary testing
results indicate the final gas content should be in a range of
700 to 840 cubic feet per ton of coal. By comparison, some of
the more prolific CBM basins in the United States have lower
gas contents, such as the San Juan Basin in New Mexico, which
has gas content of 300-700 cubic feet per ton of coal, and the
Black Warrior Basin in Alabama which has gas content of 250-500
cubic feet per ton of coal.
Future announcements (expected soon) will ensure that Far East
Energy keeps making news and with constantly increasing market
awareness (plus continual proving up of potentially massive
reserves) expect on-going upward momentum in the stock price.
FAR EAST ENERGY REPORTS EXCELLENT TEST RESULTS ON FIRST CHINA
CBM WELL
BEIJING, Dec. 4 /PRNewswire-FirstCall/ -- Far East Energy
Corporation (OTC Bulletin Board: FEEC) announced today its
first exploration coalbed methane (CBM) gas well (FCY-LC01) in
Laochang block, Yunnan Province, China, has reached its total
depth of 825 meters (2,722 feet) and preliminary test results
are excellent. "We are pleased to see these exceptionally
strong initial indications of coalbed methane gas," said
Michael McElwrath, chairman of Far East Energy. "Things look
quite promising at this early stage."
A total of 15 mineable coal seams were penetrated during the
drilling of the well, with a total thickness of 29.40 meters
(97 feet), which is considered excellent. The coring of the
coal samples showed an unusually high recovery rate of 94.8%,
according to Dr. Alex Yang, Vice President of Far East Energy
and world-renowned CBM expert.
Based on desorbed gas flare observation, the gas is very pure
methane with high quality. In addition, the drilling revealed
four targeted major coal seams with a total thickness of 16.30
meters (54 feet), all within an interval of about 110 meters
(363 feet), favorable for fracturing and production of CBM.
Using 18 desorption samples from the well, preliminary testing
results indicate the final gas content should be in a range of
700 to 840 cubic feet per ton of coal, according to Dr. Yang.
By comparison, some of the more prolific CBM basins in the
United States have lower gas contents, such as the San Juan
Basin in New Mexico, which has gas content of 300-700 cubic
feet per ton of coal, and the Black Warrior Basin in Alabama
which has gas content of 250-500 cubic feet per ton of coal.
"We are gratified that this first test well supported our
earlier position, namely that there is already so much positive
data from previous drilling and testing by the Chinese that the
probability for favorable results from our initial exploration
wells is excellent," McElwrath said. "We are now ready to move
on to our second well nearby."
Far East Energy will begin drilling its second well on the
Enhong block (FCY-EH02) in about two weeks. The third test
well, (FCY-EH03) will be spudded in January 2004 and should be
completed about a month later.
Meanwhile, further testing and analysis of these initial wells
will continue into the first half of 2004 to determine
sustained production rates.
The Far East Energy Enhong-Laochang Production Sharing Contract
(PSC) covers a 30-year relationship in which Far East Energy
has a 60% working interest, with the remaining 40% owned by
China United Coalbed Methane Corporation, Ltd. (CUCBM), a
corporation given exclusive authority by the State Council of
China to enter into joint venture agreements with foreign
enterprises to develop CBM in China.
In addition to the executed Enhong-Laochang PSC in east Yunnan
Province, Far East Energy has initiated a PSC with CUCBM for
the Zhaotong block in northeast Yunnan. In northern China's
Shanxi Province, Far East Energy has also signed a farmout
agreement with ConocoPhillips for two PSCs with CUCBM again
being the Chinese partner. All three PSCs are in the process of
final approval by the Ministry of Commerce. Based on
ConocoPhillips and the Yunnan Provincial Coal Geology Bureau
(YNCGB)'s estimates, all of Far East's project areas combined
contain 19.5 to 26 trillion cubic feet (Tcf) of CBM original
gas-in-place. Using a conservative recovery rate of 50%, it is
estimated that 9.75 to 13 Tcf is potentially recoverable, with
Far East's share being 5.1 to 10 Tcf depending upon the degree
of CUCBM and ConocoPhillips participation.
"Natural gas utilization is on the rise in China, with the
State Council pushing for a four-fold increase in gas usage by
2010," noted McElwrath. "As we have said before, the strong
potential of the Enhong and Laochang Projects, coupled with our
Shanxi Project being pursued in partnership with ConocoPhillips
in Shanxi Province in North China, positions Far East Energy to
become a major player in the exploration and production of
natural gas in China. And with the West-to-East Pipeline to
Shanghai running very close to the southern portion of our
Shanxi Project and with the Shanjing Pipeline to Beijing near
the northern portion, we believe we are ideally positioned to
be a significant provider for the growing gas demands of
China's two largest cities."
At present, there is no pipeline in the vicinity of Far East's
project areas in Yunnan Province, and marketing the Yunnan gas
will require a pipeline or a liquefied natural gas (LNG)
facility. Successful development and production from a
sufficient number of wells will be required to attract a
pipeline or LNG plant.
Based in Houston, Texas, with offices in Beijing and Kunming,
China, Far East Energy is focused on the exploration and
development of some of the largest coalbed methane (CBM)
projects in the world through its agreements with
ConocoPhillips and China United Coalbed Methane Company
(CUCBM). For more information, go to www.fareastenergy.com .
This News Release may contain forward-looking statements
relating to future plans, events or other matters. Such
statements involve numerous risks and uncertainties. Actual
events may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this News Release. No obligation
is undertaken to release revisions to these forward-looking
statements to reflect events or circumstances after the date of
this News Release. Further information about the risks and
uncertainties faced can be found in applicable filings with the
Securities and Exchange Commission.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding
Far East Energy Corp's business which are not historical facts
are "forward-looking statements" that involve risks and
uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the
most recently ended fiscal year.
For further information, please contact Carl Thompson/Principal
of CTA Public Relations, +1-303-665-4200, mailto:carl@ctapr.com,
for Far East Energy Corporation.
Source: Far East Energy Corporation
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