Business
Far East Energy Announces Extension of Deadline in Arrow Agreement, Senior Management Change, and Further Exploration of Two New Coal Seams
Far East Energy Announces Extension of Deadline in Arrow Agreement, Senior Management Change, and...
About this update from Canada Rare Earth Corp.
[{"type":"text","content":"\n\n\n\nOct. 7, 2009 (Canada NewsWire Group) -- HOUSTON, Oct. 7 /CNW/ --Far East Energy Corporation (OTC Bulletin Board: FEEC) today announced that the terms of its Farmout Agreement with Arrow Energy International Pte Ltd covering its Qinnan Block PSC in Shanxi Province, China, have been amended to provide, among other things, that requisite approvals from Chinese authorities must be received and other conditions must be satisfied by November 20, 2009 rather than by October 15, 2009.\"The transition process has taken longer than anticipated,\" said Michael R. McElwrath, CEO of Far East, \"and this extension will hopefully allow Arrow and Far East to secure the necessary approvals, and to then move forward as rapidly as possible with the desired drilling program.\"Effective October 15, 2009, Phil Christian, the COO of Far East, is departing to pursue another career opportunity as General Manager of the Asia Pacific region for one of the world's pre-eminent international drilling contractors. Most of his duties will be assumed by Bob Hockert, Operations Manager for Far East.Mr. Hockert has spent most of his 29-year career in the coalbed methane industry and, for 10 years before joining Far East, owned and operated a coalbed methane company in the Powder River Basin, as well as an oil and gas service company focused upon providing a complete CBM package including leasing, geological evaluation, drilling, completion, gathering, commodity sales and lease operations. Prior to that experience, Mr. Hockert served as Senior Manager of the Halliburton District in Western Siberia from 1993 to 1998, as well as serving in numerous other positions in the industry.\"I leave Far East with mixed emotions,\" said Christian. \"To my view, Far East is well-positioned with solid CBM acreage under contract in a market that bears a huge demand for the resource. We've accomplished a great deal during my time with the company, setting the operational and strategic stage for Far East's success going forward. However, I've been presented an excellent opportunity for my family and career which could not be ignored.\"Christian continued, \"I'm proud to have played a role in getting Far East to this point and I have great confidence that Bob Hockert, having a wealth of experience in CBM exploration and production, is the right person to lead the operation t...