The Shanxi project in full development could sustain
3,000 horizontal gas wells, giving it the potential to become
one of the largest CBM projects in the world.
Far East Energy Appoints Independent Board Committees and Announces
the Addition of Randall Keys to Board of Directors as a Financial
Houston, TX - July 20, 2004 – Far East Energy Corporation
(OTC BB: FEEC) has named Randall D. Keys to its Board of Directors.
Keys is the fifth experienced energy industry executive to join
Far East Energy’s board as an independent director in 2004
and comes to Far East Energy with a wealth of experience as an energy
sector financial executive. Far East Energy also announced the formation
of Audit, Compensation and Nominating Committees all charged with
the responsibility to finalize each committee charter by August
These appointments serve to further the commitment at Far East Energy
to impeccable corporate governance standards with the Board and
management strongly committed to utilization of the recently appointed
independent directors in these critical leadership roles.
Randall Keys is a partner with Tatum CFO Partners LLP and has been
a financial consultant and independent CFO since 2001. He has recently
served as Chief Financial Officer of Transmeridian Exploration,
Inc., a public oil and gas company with operations in Kazakhstan.
Mr. Keys has over twenty years of financial management experience
in the energy industry. From 1998 to 2001, he served as Chief Financial
Officer of Core Laboratories N.V., an NYSE – listed global
oilfield service company and one of its acquired entities. Prior
to Core Labs, he served as CFO for 3DX Technologies, Inc., a NASDAQ
– listed oil and gas exploration company, Treasurer for Norcen
Explorer, Inc. and in progressive financial management roles at
Santa Fe Energy Resources and one of its predecessors, Adobe Resources.
Keys began his career with the public accounting firm of KPMG Peat
Marwick and is a Texas CPA.
“ Randall Keys will be a tremendous asset to the company
as we organize our audit committees and adopt an appropriate corporate
governance committee structure,” said Michael McElwrath, Chairman
and CEO of Far East Energy. He continued, “This addition of
an experienced financial executive to our board allows us to create
the type of highly capable Audit Committee that is so important
in today’s corporate world.”
The company also announced the board members who will serve on each
of the corporate governance committees which includes the following:
Audit Committee - Chairman Randall Keys, John Mihm, Thomas Williams;
Compensation Committee – Chairman John Mihm, Thomas Williams,
Thomas Cavanagh; Nominating Committee - Chairman Donald Juckett,
Thomas Cavanagh, Randall Keys. Each of these committees is comprised
of independent directors who have been added to the board during
“Our independent board members are all drawn from the senior
ranks of the international oil and gas industry, and they are all
committed to playing an active role in assuring that we achieve
the full potential of our prospects in China,” said McElwrath.
“They are not only engaged in appropriate corporate oversight,
but have already had significant impact upon our technical program
and field operations. We have over 1.3 million acres of coalbed
methane acreage in China, and these gentlemen will have a direct
impact on the steps we take to develop the maximum value of these
Based in Houston, Texas, with offices in Beijing and Kunming, China,
Far East Energy is focused on the acquisition of, and exploration
for, coalbed methane through its agreements with ConocoPhillips
and China United Coalbed Methane Company (CUCBM). For more information,
go to www.fareastenergy.com.
This News Release
may contain forward-looking statements relating to future plans,
events or other matters. Such statements involve numerous risks
and uncertainties. Actual events may differ materially. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this News Release.
No obligation is undertaken to release revisions to these forward-looking
statements to reflect events or circumstances after the date of
this News Release. Further information about the risks and uncertainties
faced can be found in applicable filings with the Securities and
"Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995: Statements in
this press release regarding Far East Energy Corp's business which
are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of such risks
and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the
most recently ended fiscal year.