CALGARY, Alberta, Nov. 20 /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. (BULLETIN BOARD: FECOF) (Frankfurt/Munich: FE8) ("FEC") wishes to advise that Forum Energy Plc. (FEP) has announced the appointment of Manila based Dr. Walter Brown as their new Chief Executive Officer. (See below). We believe this to be a very positive step forward and will both strengthen the management structure of FEP and ultimately their operations in the Philippines. Dr. Brown is also a non-executive director of FEC who presently hold 28.42% of the shares of FEP.
"14 November 2008 Forum Energy Plc ("Forum Energy" or the "Company") Appointment of Chief Executive Officer
Forum Energy is delighted to announce the appointment of Dr. Walter William Brown as Chief Executive Officer of the Company with immediate effect. Dr. Brown takes over from Alan Henderson, who has been acting Chief Executive Officer since June 2008 and who will continue in his role as Chairman of the Company.
Dr. Brown has extensive experience in both the mining and oil exploration and production industries in the Philippines. He has several academic qualifications including two undergraduate degrees: B.S. Physical Science (1959), B.S. Geology (1960), from the University of the Philippines, Manila; and post graduate degrees from Stanford University: M.S. Economic Geology (1963), Ph. D in Geology, Major in Geochemistry (1965). He has been associated with a number of companies in this industry including Dominion Asia Equities, Inc. (Belle Corp), Palawan Oil & Gas Exploration (Vantage Equities), 7 Seas Oil Company, Inc. (Abacus), Universal Petroleum (Universal Rightfield) and was previously Technical Director of Dragon Oil Plc, listed on the London Stock Exchange.
Since January 2004, Dr. Brown has been Chairman and Chief Executive Officer of Philex Mining Corporation, a company that, through its subsidiaries Philex Petroleum Corporation and FEC Resources, Inc, has an interest in 18,483,511 ordinary shares of Forum Energy, representing 61.44% of the issued share capital of the Company."
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.
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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
