Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )
 November 10, 2015 - 6:35 PM EST
Print Email Article Font Down Font Up Charts
Far East Energy Ceases All Operations; Files Voluntary Chapter 7 Petition

Far East Energy Ceases All Operations; Files Voluntary Chapter 7 Petition

Canada NewsWire

HOUSTON, Nov. 10, 2015 /CNW/ -- Far East Energy Corporation (OTC:FEEC), the U.S. listed company that operates the Shouyang Coalbed Methane Production Sharing Contract in Shanxi Province, People's Republic of China, today announced it has ceased operations and commenced bankruptcy proceedings (the "Chapter 7 Case") by filing a voluntary petition for relief under provisions of Chapter 7 of Title 11 of the United States Code to initiate an orderly liquidation of the assets of the Company.  The Chapter 7 Case is entitled "In re Far East Energy Corporation" and is being administered under case number 15-35970 in the United States Bankruptcy Court for the Southern District of Texas. 

About 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. 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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/far-east-energy-ceases-all-operations-files-voluntary-chapter-7-petition-300176301.html

SOURCE Far East Energy Corporation

investorrelations@fareastenergy.com, 281-606-1540, http://www.fareastenergy.comCopyright CNW Group 2015


Source: Canada Newswire (November 10, 2015 - 6:35 PM EST)

News by QuoteMedia
www.quotemedia.com