Far East Energy Corp (OTCMKTS:FEEC) Continues to Drop
Far East Energy Corp (OTCMKTS:FEEC) is one of those rare companies in the OTC Markets that are in a decent financial state and has actual operations. This, however, didn’t stop their stock from sliding down the charts since the last time we wrote about them.
That last time was on June 19 and we were putting the question of whether they were going to make up for the lost 3.77% in price on June 18 on the table. It seems that their stock wasn’t able to do so, because since then FEEC‘s stock has been gradually sliding down the charts registering only one session with a positive movement in which their stock went up 7% in price.
The press release that triggered this upward movement on June 27, however, wasn’t enough for FEEC‘s stock to gain momentum and it started continued going down slowly afterwards. The losses were little and there was even a day in which the price didn’t move, but the last 2 trade sessions went worse as the company started loosing bigger percentages from its price.
Even though they traded at below average volume on June 9 with 777 thousand traded shares the drop in price was more significant from the previous sessions as FEEC lost 9.75% from its value, generating $143 thousand in trade value at the end of the day.
Yesterday went even worse, as more people were abondoning ship. They lost 15.79% with a total of 2.7 million shares that switched hands making the session’s trade value come at $441 thousand. The trade session started normally for FEEC‘s stock as they were moving through the first hour hovering around their previous close of $0.1805.
However, after 11:00 AM trading started getting more intense and their price plummeted to $0.151 at around 11:30. It continued to move in a similar way through the rest of the day, as trading was at a minimum. This is probably the reason why their price didn’t go even lower and they managed to close the session with $0.152 per share.
FEEC‘s operations are located in China, however, unlike China-Biotics Inc. (OTCMKTS:CHBT) we haven’t found any information for false filings with the SEC, a thing we talked about in our latest article about CHBT, exposing the discrepancies in their filings from 2008 with the SEC and the SAIC (State Administration for Industry and Commerce). Below is a quick recap of the numbers of prime interest from FEEC‘s report for this years Q1.
- cash: $40 million
- total assets: $116 million
- current liabilities: $37 million
- total liabilities: $57 million
- revenues: $433 thousand
- net loss: $8 million
FEEC have a good amount of cash and considering their assets the liabilities aren’t that much of a problem. The only thing they need to do is increase their revenue and cut down losses, until then be sure to do your due diligence and invest wisely.
Probably the most interesting stock yesterday was Dakota Plains Holdings Inc (OTCBB:DAKP) who jumped 30% and are now traded at $2.60.
