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Far East Energy Corporation Names Randall D. Keys Chief Financial Officer; Announces Election of William A. Anderson to Board of Directors

Posted on: Tuesday, 2 October 2007, 09:01 CDT

Far East Energy Corporation (OTC BB:FEEC) today announced that Randall D. Keys has joined the Company as Chief Financial Officer and William A. Anderson has been elected to its Board of Directors. Mr. Anderson has also agreed to serve as Chairman of the Audit Committee of the Board of Directors and as a member of the Compensation Committee of the Board of Directors.

"I am very pleased that Randy Keys has agreed to join the management team of Far East Energy," said Far East CEO and President Michael R. McElwrath. "As a member of the Board of Directors of Far East Energy for the past three years, Randy has been an active contributor and has provided good counsel for our management team. We can now benefit from his extensive experience in the international E&P arena in a direct management role, as well as his familiarity with the Company's projects, opportunities and long-term goals. In keeping with the Company's strong commitment to an independent Board of Directors, Randy has tendered his resignation from the Board effective October 1, 2007."

"Far East has a great opportunity to play a leading role in the development of the coal-bed methane industry in China," stated Mr. Keys. "This cleaner burning source of energy will have a positive impact on both the environment and economic development of China. These benefits were a key factor in the IFC's recent $15 million investment in Far East Energy. I look forward to building on the foundation that has been laid over the past three years."

Thomas E. Williams, Chairman of the Board, added "The Board is very happy that Randy has agreed to step into the CFO role; we all have great confidence in his abilities. In addition we are very fortunate to have recruited a director with the background Bill Anderson brings to the table. He has a depth of experience, both operational and financial, that few can rival. With Bill serving as our new qualified financial expert, we remain positioned to achieve our goal of being listed on a national stock exchange."

Mr. Anderson added, "I am honored to have been elected to the Board of Directors of Far East Energy and look forward to a long and active affiliation, not only as a Board member, but as Chairman of the Audit Committee and as a member of the Compensation Committee as well. Far East Energy has achieved a great deal in its brief history and I believe has a promising future."

In closing, Mr. McElwrath stated, "With the addition of Randy to our senior management team as CFO, coupled with Bill's agreement to join the Board of Directors, the transition created by the departure of Bruce Huff will be as seamless as possible. Randy Keys and Bill Anderson are both remarkable, fine men and we are more than fortunate to have them. Not only will Far East Energy benefit greatly from the impressive talents of Bill and Randy, but so will our shareholders."

Mr. Keys has been a Director of the Company since June 2004, where he chaired the Audit Committee. From 2004 through 2006, he served as a financial consultant and Chief Financial Officer of BPZ Energy, Inc., and from 2002 through 2004, he served as a financial consultant and Chief Financial Officer of Transmeridian Exploration, Inc., both public international oil and gas companies. Mr. Keys has over 25 years of experience in the oil and gas industry. Mr. Keys earned a B.B.A. in Accounting from the University of Texas and is a Certified Public Accountant. He began his career with the public accounting firm of KPMG.

Mr. Anderson is currently a consultant for Eastman Dillon Oil and Gas Association. From 1989 through 2005, he was a founder and partner of Weller, Anderson & Co. Ltd., a full-service stock brokerage firm. Prior to founding Weller in 1989, Mr. Anderson held several senior executive positions, including President of HARC Technologies, President of Rainbow Pipeline Company, President of Farmers Oil Company, Chief Financial Officer of ENSTAR Corporation, and General Partner and Senior Vice President of Blyth, Eastman, Dillon & Co. Mr. Anderson has extensive corporate board experience, having served as a director, committee chairman and/or committee member for a number of organizations, including Rancher Energy Corp., Tom Brown, Inc., NationsBank Houston, Northern Trust Bank of Texas, American Income Life Insurance Company, Wing Corporation and Seven J-Stock Farm, Inc. He holds an MBA from the Harvard Business School and a B.S. in Business Administration from the University of Arkansas.

Far East Energy Corporation

Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on CBM exploration and development in China through its agreements with ConocoPhillips and China United Coalbed Methane Company, Ltd. (CUCBM).

Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of availability of oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

Source: Business Wire

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