FEC RESOURCES INC. (OTCBB: 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 licence 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 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.
On behalf of the Board of,
FEC Resources, Inc.
“Larry W. Youell”
Larry W. Youell
President and 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 www.FECResources.com