Far East Energy Announces Update Conference Call
HOUSTON, Dec. 8, 2011 /PRNewswire/ — Far East Energy Corporation (OTCBB:FEEC) today announced that it will host a conference call to update shareholders and other interested parties on Thursday, December 15, 2011 at 10:00 a.m. Central Time – 11:00 a.m. Eastern Time.
Michael R. McElwrath, Chief Executive Officer and President of Far East Energy, will discuss the Company’s recently announced loan facility with Standard Chartered Bank and its recently executed Modification Agreement with CUCBM, which, when approved by the Chinese Ministry of Commerce, will extend the exploration period of its Shouyang Block Production Sharing Contract, as well as other developments and plans.
Conference Call Details
To participate in the conference call, participants have the option to listen only to the call or to listen and submit questions for the Q&A segment of the call by accessing a link which will be posted on the Company’s website. Please note: questions can only be submitted via the conference link posted on the Company’s website at www.fareastenergy.com
Date: Thursday, December 15, 2011 Time: 10:00 a.m. CT - 11:00 a.m. ET Dial in access: 1-800-860-2442 (U.S. participants) or 1-412-858-4600 (International participants) 1-866-605-3852 (Canada participants) Request connect: Far East Energy Conference Call Call and Q&A: www.fareastenergy.com
Far East Energy Corporation
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on coalbed methane exploration and development in China.
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: there can be no assurance as to the volume of gas that is ultimately produced or sold from our wells; the fracture stimulation program may not be successful in increasing gas volumes; due to limitations under Chinese law, we may have only limited rights to enforce the gas sales agreement between Shanxi Province Guoxin Energy Development Group Limited and China United Coalbed Methane Corporation, Ltd., to which we are an express beneficiary; additional wells may not be drilled, or if drilled may not be timely; additional pipelines and gathering systems needed to transport our gas may not be constructed, or if constructed may not be timely, or their routes may differ from those anticipated; the pipeline and local distribution/compressed natural gas companies may decline to purchase or take our gas, or we may not be able to enforce our rights under definitive agreements with pipelines; conflicts with coal mining operations or coordination of our exploration and production activities with mining activities could adversely impact or add significant costs to our operations; the Chinese Ministry of Commerce (“MOC”) may not approve the extension of our production sharing contracts (“PSCs”) on a timely basis or at all, or, if so, on commercially advantageous terms; the MOC’s failure to approve the extension of the Shouyang PSC by March 1, 2012 could limit the Company’s ability to borrow additional amounts under the credit facility; the MOC’s failure to approve the extension of the Shouyang PSC by May 30, 2012 could result in the early termination of the credit facility and require immediate repayment of all outstanding amounts thereunder; the Company’s inability to comply with certain quarterly financial covenants, satisfy certain continuing representations, or remedy a material adverse effect to the business of the Company or to certain other conditions could result in early termination of the credit facility and require immediate repayment of all outstanding amounts thereunder; the total amounts we may borrow from Standard Chartered Bank may be different than anticipated; our Chinese partner companies or the MOC may require certain changes to the terms and conditions of our PSCs in conjunction with their approval of any extension of our PSCs, including a reduction in acreage; our lack of operating history; limited and potentially inadequate management of our cash resources; risk and uncertainties associated with exploration, development and production of coalbed methane; proved reserves may not be reported in a timely manner or at all and, if reported, may be smaller than anticipated; our inability to extract or sell all or a substantial portion of our estimated Contingent Resources; we may not satisfy requirements for listing our securities on a securities exchange; expropriation and other risks associated with foreign operations; disruptions in capital markets affecting fundraising; matters affecting the energy industry generally; lack of availability of oil and gas field goods and services; environmental risks; drilling and production risks; changes in laws or regulations affecting our operations, as well as other risks described in our 2010 Annual Report and subsequent filings with the Securities and Exchange Commission.
SOURCE Far East Energy Corporation