HOUSTON, May 13, 2013 /PRNewswire/ -- Far East Energy Corporation (OTCBB:FEEC) announced today that Jennifer D. Whitley has been appointed as Chief Financial Officer to succeed Bruce N. Huff. On May 7, 2013, Mr. Huff notified the Company that he was resigning as the Company's Chief Financial Officer for medical reasons.
"It is with sadness that we announce Bruce Huff's resignation and retirement," said Michael R. McElwrath, CEO and President of Far East Energy. Continuing, McElwrath said, "As the Company's longest-tenured CFO, Bruce has made many tremendous contributions to Far East Energy. He joined the Company in May of 2004, and while serving as CFO saw the company successfully acquire its lynchpin Shouyang concession from ConocoPhillips, was a key contributor to many successful fundraises that funded the early exploration and initial development of our high permeability discovery in Shouyang, and tirelessly fulfilled a very demanding role as our CFO.
"Bruce was also responsible for bringing Jennifer Whitley to the Company. His value to the Company and its shareholders cannot be over-estimated. I am pleased that Jennifer has been able to take on the mantle of CFO during this busy period for the company; her previous experience as Finance Director of a UK listed oil & gas company and CFO of a US mid-stream international energy company provide a strong background for this role. Given events of the past year in which Jennifer played an integral role, the transition will be seamless."
McElwrath continued, "We wish Bruce and his family great happiness in his retirement. The Board of Directors and the entire staff – from corporate headquarters to the Beijing staff as well as our field personnel, join in thanking Bruce for the key role he played in the history of Far East."
Ms. Whitley has served as the interim Chief Financial Officer of the Company since February 2013 and Director of Finance of the Company since January 2011. Prior to joining the Company, Ms. Whitley served as the Chief Financial Officer of Zero Emission Energy Plants Ltd, a mid-stream international energy company focused in Louisiana and China, from 2008 to 2010. From 2006 to 2008, Ms. Whitley served as the Finance Director of Global Energy Development PLC where she was responsible for all of the financial, accounting, and administrative matters for the UK listed company's international oil exploration and production operations. Previously, Ms. Whitley worked at Harken Energy Corporation and on the audit staff of Ernst & Young LLP.
Mrs. Whitley is a Certified Public Accountant and serves on the board of Zero Emission Energy Plants, as well as the board of the Houston Chapter of Financial Executives International. She also serves as Chairman of the Youth Development Center and on the Advisory Board of MentorConnect. She is a member of the Texas Society of CPAs and has previously served on the Business Advisory Council of Pepperdine University. In 2006, Mrs. Whitley received the Change the World Award from her university in honor of her not-for-profit work with children in Houston's under-served neighborhoods.
Far East Energy Corporation
Based in Houston, Texas, with offices in Beijing, and Taiyuan City, China, Far East Energy Corporation is focused on coalbed methane exploration and development in China.
This press release and the conference call contains or will contain forward-looking statements. Forward-looking statements give Far East Energy Corporation's current expectations or forecasts of future events based on management's beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties, including those contained in Far East Energy Corporation's filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove correct. Forward-looking statements in this press release and the conference call relate to, among other things, the intended use of proceeds from the private placement and planned activities. 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; there can be no assurance as to the volume of gas that is ultimately produced or sold from our wells; the fracture stimulation program may not be successful in increasing gas volumes; due to limitations under Chinese law, we may have only limited rights to enforce the gas sales agreement between Shanxi Province Guoxin Energy Development Group Limited and China United Coalbed Methane Corporation ("CUCBM"), to which we are an express beneficiary; additional wells may not be drilled, or if drilled may not be timely; additional pipelines and gathering systems needed to transport our gas may not be constructed, or if constructed may not be timely, or their routes may differ from those anticipated; the pipeline and local distribution/compressed natural gas companies may decline to purchase or take our gas, or we may not be able to enforce our rights under definitive agreements with pipelines; conflicts with coal mining operations or coordination of our exploration and production activities with mining activities could adversely impact or add significant costs to our operations; our lack of operating history; limited and potentially inadequate management of our cash resources; risk and uncertainties associated with exploration, development and production of coalbed methane; our inability to extract or sell all or a substantial portion of our reserves and other resources; expropriation and other risks associated with foreign operations; disruptions in capital markets for reserve-based loans; matters affecting the energy industry generally; lack of availability of oil and gas field goods and services; environmental risks; drilling and production risks; changes in laws or regulations affecting our operations as well as other risks contained in Far East Energy Corporation's filings with the Securities and Exchange Commission. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. The forward-looking statements speak only as of the date made and, other than as required by law, Far East Energy Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Far East Energy Corporation