FirstEnergy Capital's latest drilling and production update from Western Canada is positive in the short term, but the trend is still headed down in the longer term, according to analyst Martin King. The good news is in initial production rates. "What seemed to be an inevitable downtrend for natural gas initial production (IP) rates in the Western Canadian Sedimentary Basin (WCSB) has shown distinct signs of stabilization," he said in a recent report. "With full year 2007 and about half of 2008 in hand, IP rates have begun to inch higher, coming in at about 300 million cubic feet per day so far in 2008. This is the highest rate that we have seen since 2003."
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