Far East Energy Announces CEO Update Conference Call
HOUSTON, May 9, 2012 /PRNewswire/ — Far East Energy Corporation (OTCBB:FEEC) today announced that it will host a conference call to update shareholders and other interested parties on Monday, May 21, 2012 at 10:00 a.m. Central Time – 11:00 a.m. Eastern Time. Michael R. McElwrath, Chief Executive Officer and President, will discuss the anticipated extension of the Company’s loan facility with Standard Chartered Bank, the status of approval by the Ministry of Commerce (MofCom) of the People’s Republic of China of the 2011 Shouyang PSC Modification Agreement, current drilling operations, the Overall Development Plan (ODP), and other matters.
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: Monday, May 21, 2012 Time: 10:00 a.m. CT and 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, estimates, 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 Chinese Ministry of Commerce (“MofCom”) may not approve the Modification Agreement to the Shouyang PSC (the “Modification Agreement”) on a timely basis or at all, or, if so, on commercially advantageous terms; pursuant to the terms of the November 28, 2011 facility agreement with Standard Chartered Bank, in the event we do not receive approval from MofCom of the 2011 Shouyang PSC Modification Agreement we may not be able to draw down the full amount of available funds otherwise available under the Facility Agreement; in addition, unless a waiver/extension is obtained the failure to receive such notice on or before May 28, 2012 will constitute an event of default under the Facility Agreement and there can be no assurances that any such waiver or extension will be granted; the preliminary nature of well data, including permeability and gas content; 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 (“CUCBM”), 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;; our Chinese partner companies or MofCom may require certain changes to the terms and conditions of the Modification Agreement or our PSCs in conjunction with their approval, including reductions in acreage or a reduction in the term of the extension for the exploration period; 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; our inability to extract or sell all or a substantial portion of our reserves and other 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 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.
SOURCE Far East Energy Corporation