Far East Energy Spuds More Wells in China, Kicks Off 2013 Frac Program

Far East Energy Corporation (FEEC) announced that 7 new wells have been commenced in the 12 days since the last 2013 drilling program update release issued Thursday, May 16, bringing the number to 23 of the wells spud in 2013. They are production wells 62-4D, 81-1D, 81-2D, 81-3D, and 165D and appraisal/exploration wells SYSE-09 and SYE-09. Additionally five wells reached total depth (TD) in the past 12 days. These are the 62-2V, 62-1D and 104D production wells, as well as the SYW-13 and SYW-09 appraisal wells. The Company noted that the 62-2V was drilled in only 12 days.

"On the 16th, we had 13 rigs in the field; now we have 18 rigs in the field with 4 more en-route," said CEO Michael McElwrath. "We have spudded 7 new wells in the past 12 days -- a testament to our entire team on the ground and their hard work."

Meanwhile, the Company's 2013 frac campaign has commenced, with 16 wells now ready to be fracture stimulated, 13 of which are production wells and 3 of which are appraisal wells.

Bob Hockert, Far East Energy China Country manager commented, "We are excited the frac program is underway. A little over a week ago, our team had 12 wells ready to frac, and that number has now moved up to 16. By the time these 16 wells are stimulated, another 10 wells will be in the queue for fracking. Our goal is to continue the frac program uninterrupted until late October or November, ultimately comprising approximately 100 wells."

Hockert continued, "We have beefed up our capabilities in the field, adding 14 field personnel, including 5 drilling supervisors, a completions engineer, and several landmen. Additionally, a GIS mapping specialist and Land Manager have been added in Beijing. The results are reflected in the ability to spud 7 wells in 12 days."


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