CALGARY, Alberta, March 4, 2011 /PRNewswire/ -- FEC Resources Inc. (OTC Bulletin Board: FECOF) ("FEC" or the "Company") is pleased to provide the following updates on Forum Energy Plc ("FEP") and Lascogon Mining Corporation ("Lascogon").
Lascogon Mining Corporation
FEC has recently appointed two directors to the Board of Lascogon. It is anticipated that the Board of Lascogon will convene in the coming weeks to examine available results and make recommendations to the joint venture partners. The Company will provide a further update once it receives the results and recommendations from the Board of Lascogon.
Forum Energy Plc
FEP approved a work program for the first sub-phase of the Service Contract 72, designed to provide a more comprehensive valuation of the contract area and identify potential sites for appraisal wells. FEP's 70% share of the first sub-phase work program will be funded by a US$10 million Facility Agreement with Philex Mining Corporation.
FEC's President commented, "We are pleased that FEP was able to source the funds for the work program in order to maintain FEC's shareholding in FEP at 25.63%. We are looking forward to the results of the work program and are pleased to see that the project is moving ahead."
For and on behalf of the Company:
FEC Resources, Inc.
Jose Ernesto C. Villaluna, Jr.
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
SOURCE FEC Resources Inc.