CALGARY, Alberta, Aug. 8 /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. (OTC Bulletin Board: FECOF)(Frankfurt/Munich: FE8)
("FEC") wishes to advise shareholders that it has noted the announcement
made by Forum Energy PLC. (FEP) on August 5, 2008 (see below).
"Forum Energy plc ('Forum' or the 'Company')
Update on GSEC101 service contract conversion
The board of Forum (the "Board") reports that the Company has been
notified in writing by the Philippines Department of Energy that the
service contract to be entered into under the GSEC101 license is in its
final draft and that it is planned that formal signing of the service
contract will take place in the third week of August 2008."
FEP has also issued a further news release dated August 5, 2008 stating
the view of their Board of Directors on the purchase offer by Philex
Petroleum ("Philex") for all the outstanding shares of FEP. This may be
viewed at http://www.forumenergyplc.com.
FEC Resources holding of FEP shares is not included in the offer by
Philex. FEC Resources holds 29.78% of the shares of FEP.
FEC Resources Inc. holds a diverse portfolio of oil, gas, coal, and
gold assets located in the Philippines through its shareholdings in Forum
Energy Plc and Lascogon Mining Corporation.
For further information 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.fecresources.com
http://www.forumenergyplc.com
CONTACT:
Larry Youell, President & CEO of FEC
Resources Inc., +1-403-290-1676, info@FECResources.com
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