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.
Larry Youell, President & CEO of FEC Resources Inc., +1-403-290-1676,
info@FECResources.com
