CALGARY, Alberta, March 13 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of FEC Resources Inc, by Larry W. Youell,
President and CEO: FEC Resources Inc ("FEC" or "the company") (OTC Bulletin
Board: FECOF) is pleased to announce that Forum Energy ("FEP") of which FEC
is the major shareholder, today announced that project financing of US$100
million Galoc Oil field development plan had closed and the development had
received approval. FEP has a 2.28% carried interest in the Galoc field.
First oil production from the field is expected in Q1 2008 at an
initial rate of 15,000 bopd and the development is expected to recover up
to 16mmbbls.
"We are extremely pleased that the Galoc development is proceeding and
is thus expected to generate additional revenues for Forum Energy in 2008
which will in turn deliver further value to FEC Resources," commented Larry
Youell, President & CEO.
Mr. Youell continued, "We remain confident that our investment in Forum
Energy will deliver noteworthy value to our shareholders through the
company's diverse Oil, Gas and Coal portfolio in the Philippines including
the GSEC101 license containing the Sampaguita Gas asset."
FEC Resources Inc. holds a diverse portfolio of Oil, Gas, Coal, Gold
and Iron Ore assets located in the Philippines through its shareholdings in
Forum Energy Plc, Lascogon Mining Corporation and Metalore Mining
Corporation. For further information email info@fecresources.com
On behalf of the Board of,
FEC Resources Inc.
"Larry W. Youell"
Larry W. Youell
President and CEO
This release contains "forward looking statements" as per Section 21E
of the US Securities and Exchange Act of 1934, as amended. Although the
Company believes that the expectations reflected in such forward looking
statements are reasonable, it can give no assurance that such expectations
will prove to have been correct. Management is currently reviewing many
options and there is no assurance that they will not make decisions other
than those now contemplated. The Company is subject to political risks and
operational risks identified in documents filed with the Securities and
Exchange Commission, including changing and depressed oil prices,
unsuccessful drilling results, change of government and political unrest in
its main area of operations
For more information please contact Larry Youell at (403) 290-1676
e-mail info@FECResources.com or visit the FEC Resources website at
http://www.FECResources.com
SOURCE FEC Resources Inc.
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Related links:
http://www.fecresources.com/
CONTACT:
Larry Youell, +1-403-290-1676, or
info@FECResources.com, for FEC
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