HOUSTON, May 9, 2011 /CNW/ -- Far East Energy Corporation (OTCBB:FEEC) announced today that the Company welcomes David J. Minor as Executive Director of Operations reporting directly to Michael R. McElwrath, CEO and President.
"We are very pleased to have Dave Minor join our team," said Michael McElwrath. He continued, "With his excellent credentials, Dave brings extensive coalbed methane experience to the table, with direct and comprehensive involvement in Alabama's Black Warrior Basin. As we move into the development stage of our operations at Shouyang, it is appropriate that we add advanced skill sets to our management capacity and Dave certainly advances our collective competencies for our CBM projects in China."
In his role as Executive Director of Operations for the Company, Mr. Minor will utilize his expertise to provide guidance and advice on all operational aspects of its Coalbed Methane Projects in China. His near term goals are to implement a series of operations objectives aimed at increasing the CBM production for currently existing wells and maximizing production for newly drilled wells.
With over thirty years of engineering and management experience, including project planning, drilling, completion and production, Mr. Minor has spent the majority of his career in management and technical supervisory roles; and most recently, a transition role as President and General Manager of Walter Black Warrior Basin LLC, a Walter Energy subsidiary, operator of approximately 1,400 coalbed methane wells in Alabama's Black Warrior Basin.
Mr. Minor served as Chairman of the Coalbed Methane Association of Alabama (CMAA) from 1996-1997 and again from 1999-2002. He has also served on the Environmental, Tax and Safety Committees. Mr. Minor is a member of the Society of Petroleum Engineers and served on numerous Committees. Other professional affiliations include the National Society of Professional Engineers, The University of Alabama Capstone Engineering Society, and The Order of the Engineer. He is a Registered Professional Engineer in Alabama, Mississippi, Oklahoma, Arkansas and Texas. Mr. Minor graduated from the University of Alabama with a BS Biology; a BS Civil Engineering; and, a MS Mineral Engineering (Petroleum).
"We look forward to the technical focus that Dave will bring to Far East," said Donald A. Juckett, Chairman of Far East. "We anticipate excellent results from his tenure at Far East as he brings a wide range of technical experience to bear on the exciting Shouyang Block."
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 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; certain of the proposed transactions with Dart Energy (formerly Arrow Energy) may not close on a timely basis or at all, including due to a failure to satisfy closing conditions or otherwise; the anticipated benefits to us of the transactions with Dart Energy may not be realized; the final amounts received by us from Dart Energy may be different than anticipated; Dart Energy may exercise its right to terminate the Farmout Agreement at any time; the Chinese Ministry of Commerce ("MOC") may not approve the extension of our PSCs on a timely basis or at all; 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
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