CALGARY, Alberta, March 16, 2011 /PRNewswire/ -- FEC Resources, Inc. (OTC Bulletin Board :FECOF ) ("FEC" or the "Company") reports that Forum Energy Plc ("Forum") has announced the following:
"2D and 3D seismic surveys completed"
Forum Energy is pleased to announce that it has completed its seismic acquisition over SC72.
As part of the work program, 564.887 Km(2) of 3D seismic data was acquired over the Sampaguita Gas Field and 2,202.38 Line-Km of 2D seismic data was also acquired over the block in order to further define additional leads identified within the SC72 acreage.
The Company will immediately begin processing the data with the aim of further evaluating the commercial potential of the block, and to help identify the best location for possible appraisal wells to be drilled in the next sub-phase of the SC72 licence.
The survey was carried out by CGG Veritas, using the M/V Veritas Voyager.
Robin Nicholson, Executive Chairman, commented:
"We are delighted to have completed our work programme so efficiently and ahead of our anticipated schedule. We have now met our contractual commitments with the Philippine Department of Energy under Service Contract 72 and look forward to making further investments into the project."
For and on behalf of the Company:
FEC Resources, Inc.
Jose Ernesto C. Villaluna, Jr.
President & CEO
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any natural resources that may be located, variations in the market price of any natural resource products the Company may produce or plan to produce, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce natural resources from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Report on Form 20-F for the year ended December 31, 2009 and its most recent quarterly reports filed with the United States Securities Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials.
SOURCE FEC Resources, Inc.