Far East Energy Corporation announced that 9 new wells have commenced drilling in the 21 days since the last 2013 drilling program update release issued on Thursday, June 27, bringing to 52 the total number of wells spudded in 2013. Additionally 8 more wells reached total depth, and 15 wells have now been fraced as Far East approaches the halfway point in the first of its planned 2013 frac campaigns. Currently there are 29 rigs in the field.

CEO Michael R. McElwrath commented, "Twenty-nine rigs, several wells spudded per week - this is a remarkable level of drilling activity. Three of the 8 wells that recently reached total depth did so within 12 days from their commencement - very efficient indeed. And the real rewards come from fracing and tying wells into the gathering system. The 15 fracs have gone off well, and 5 wells are being tied into the gathering system now, with 6 more to be tied in shortly. Another 20 wells are planned to be fraced in this campaign, the first of at least two major frac campaigns planned for the year."

Of the 52 wells commenced by FEEC in 2013, 25 are production wells and 20 of those production wells have reached total depth, with 12 of those 20 having been fraced as of July 17. Another well is scheduled to be fraced today.

Tags: Far East Energy Corporation