CALGARY, Alberta, June 7 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (OTCBB: FRUEF, Frankfurt/Munich: FE8) has completed the necessary
filings to change the name of the company to FEC RESOURCES, INC. ("FECR" or
"The Company"), effective immediately. FECR will continue trading on the
NASDAQ OTCBB under the existing symbol FRUEF, and on the Frankfurt and Munich
Exchanges under the symbol "FE8" whilst the company awaits confirmation of the
new ticker symbol.
On 18th May 2005 the company, through resolutions passed at the EGM,
completed the necessary shareholder approvals for the transfer of its 66.67%
interest in Forum Exploration Inc ("FEI") to a new UK company -- Forum Energy
Plc. In conjunction with this transfer the significant GSEC101 gas asset has
also been transferred to Forum Energy Plc through an agreement with Sterling
Energy Plc, an AIM listed UK company with a market capitalisation of over
US$400m.
Following the transfer of these assets from both companies to Forum Energy
Plc, and following an approximate US$6.2m pre-IPO financing, FECR's stake in
the new company is 57.9% with Sterling Energy holding around 23%.
"The name FEC Resources Inc. has been adopted as part of the Company's new
corporate identity which will encompass changes to both the asset structure
and the running of the organization, with major changes to the Board of
Directors, and will aid in broadening the Company's focus," commented Larry W.
Youell, President and CEO. Mr. Youell continued, "The new structure of the
company will enable accelerated development of the substantial oil, and gas
assets held through the Forum Energy Plc's collective licenses, and will in
turn deliver value to the shareholders of FEC Resources Inc. through the
company's majority stake in the new group."
ABOUT FEC RESOURCES, INC.
FEC Resources, Inc. is an independent company and through its majority
shareholding in Forum Energy Plc has a significant interest in oil, gas and
coal in the Philippines.
With the Company's recent strategic changes, it has uniquely positioned
itself to pursue assets in the resources sector of the Philippines, thus
taking advantage of the Board level experience now available in these fields
along with management and consultants with regional expertise, and most
importantly the prospects of a country rich in undeveloped minerals.
To learn more about FEC Resources, Inc visit http://www.FECResources.com
To learn more about the Oil, Gas and Coal assets of Forum Energy Plc visit
their website at http://www.forumenergyPLC.com
For General Enquiries email: info@FECResources.com
On behalf of the Board of,
FEC Resources, Inc.
"Larry W. Youell"
President & 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.forumenergy.com
http://www.FECResources.com
CONTACT:
Larry Youell of FEC Resources, Inc.,
+1-403-290-1676 or info@FECResources.com
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