HOUSTON, July 11, 2014 /CNW/
- Far East Energy Corporation (OTCBB:FEEC), the U.S.
listed company that operates the Shouyang Coalbed Methane (CBM)
Production Sharing Contract (PSC) in Shanxi
Province, People's Republic of China, is pleased
to announce a further extension of the maturity date of its
existing bridge facility with Standard Chartered Bank (SCB).
The maturity date of the bridge facility with SCB has been
extended to September
15, 2014, from the previous maturity date of
July 15,
2014.
Commenting, CFO Jennifer Whitley said, "We are pleased
with the continuing support offered by SCB as management continues
its ongoing discussions with various third parties."
The Company will continue to advise its shareholders at appropriate
times as developments progress.
Production Update
Gas production from the Shouyang
Block has averaged 1.91MMCF/d for the first nine days of July, with
production rates mirroring those rates previously reported for the
months of May and June, 2014.
Far East Energy Corporation
Based in
Houston,
Texas, with offices in Beijing,
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, including that the amendment to the PSC may not be
entered into or if entered into may not be on the same terms as
originally agreed upon by the parties. 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
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 and drilling programs 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, 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 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