PRESS RELEASE
Far East Energy Announces New
Chairman of the Board
Houston, Texas – July 9,
2007 – Far East Energy Corporation (OTC BB: FEEC)
announced that that Thomas E. Williams has been elected Chairman of the Board,
succeeding John C. Mihm, who continues to serve on the Board in an expanded role.
“All of us at Far East Energy are excited that Tom Williams has agreed to serve as Chairman of the
Board,” said Michael R. McElwrath,
CEO and President. “Tom retired as Vice President of Research and
Business Development of Noble Technology Services, a subsidiary of Noble
Corporation, on June 1, and as soon as we became aware that Tom might be able
to focus more of his considerable skills upon Far East,
we seized the opportunity,” continued McElwrath. “I am
certain that Tom’s exceptional management skills and knowledge of
drilling and cutting-edge technology, combined with his ability to devote
increased attention to Far East, will yield
major benefits.”
John Mihm, will now chair both the Compensation and Nominating and
Corporate Governance Committees of Far East. “John Mihm has served
Far East Energy exceedingly well as Chairman of the Board,” said
McElwrath. “Far East Energy, and I in particular, greatly
appreciate the time and devotion John brought to his role as Chairman. We
accomplished much during his tenure as Chairman, and we look forward to his
continued leadership in his various Board roles. These moves are also in
keeping with our desire to rotate chairmanship and committee roles among Board
members in order to maximize utilization of their talents and to keep their
challenges fresh.”
In addition to his role as Vice President of Research and Business
Development of Noble Technology Services, Williams was formerly President of
Maurer Technology, a leading research, development and engineering company and
also a wholly owned subsidiary of Noble Corporation. Mr. Williams held Senior
Executive Positions at the U.S. Departments of Energy and Interior during the
Bush Administration from 1989 to 1993. From 1993 to 2000, he was Business
Development Director at Westport
Technology Center
in Houston, a leading upstream oil and gas research company. He was a
co-founder and served on the Board of Directors of Cementing Solutions, Inc.,
an oil and gas cementing services and technology company based in Houston, Texas.
He has been in the oil and gas industry for over 25 years, having owned and
operated an oil and gas exploration, production and consulting company prior to
joining the Department of Energy. Mr. Williams has authored more than 100
energy publications, presentations and articles and serves on a number of oil
and gas organizations, associations and boards including the Independent
Petroleum Association of America, the Petroleum Technology Transfer Council’s
Advisory Group, the Texas Independent Producers and Royalty Owners Association,
the Society of Petroleum Engineers, American Association of Drilling Engineers,
DeepStar Consortium Contributors Advisory Board and Consumer Energy Alliance.
He also serves on the Board of Directors of the Research Partnership to Secure
Energy for America
consortium.
John Mihm is the owner and President of JCM
Consulting, PLLC, which provides services in the engineering, construction, and
project management field. He also serves on the board of
eProjectManagement, HNNG, and The Society of Petroleum Engineers. From
1964 until his retirement in February 2003, Mr. Mihm worked for Phillips
Petroleum Company, now known as ConocoPhillips, Inc., in various management
positions, finally serving as Senior Vice President of Technology and Project
Development. Mr. Mihm’s career includes over 20 years of work
experience in China
on offshore development and onshore CBM exploration, working closely with China
National Petroleum Corporation, China National Offshore Oil Corporation and
SINOPEC on several joint ventures and employee development programs. Mr. Mihm
is a registered professional engineer in Texas
and Oklahoma.
Mr. Mihm earned a BS degree in chemical engineering from Texas
Tech University
and serves on, or has served on, advisory boards at Texas
Tech University, Oklahoma State
University, University of Tulsa, University of Texas,
Colorado School of Mines, Georgia Tech and University of Trondheim.
About Far East Energy Corporation
Based in Houston, Texas,
with offices in Beijing, Kunming,
and Taiyuan City, China, Far East Energy Corporation is focused on CBM
exploration and development in China
through its agreements with ConocoPhillips and China United Coalbed Methane
Company, Ltd. (CUCBM).
Statements contained in this press release that state the
intentions, hopes, beliefs, anticipations, expectations or predictions of the
future of Far East Energy Corporation and its management are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It
is important to note that any such forward-looking statements are not
guarantees of future performance and involve a number of risks and
uncertainties. Actual results could differ materially from those projected in
such forward-looking statements. Factors that could cause actual results to
differ materially from those projected in such forward-looking statements
include: the preliminary nature of well data, including permeability and gas
content, and commercial viability of the wells; risk and uncertainties
associated with exploration, development and production of oil and gas;
drilling and production risks; our lack of operating history; limited and
potentially inadequate cash resources; expropriation and other risks associated
with foreign operations; anticipated pipeline construction and transportation
of gas; matters affecting the oil and gas industry generally; lack of availability
of oil and gas field goods and services; environmental risks;
changes in laws or regulations affecting our operations,
as well as other risks described in our Annual Report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.
Contact:
David Nahmias –
Investor Relations
Far East Energy - 901-218-7770
dnahmias@fareastenergy.com
Patty Bruner –
Managing Director
Christensen - 480-614-3009
pbruner@christensenir.com
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