CALGARY, Alberta, Feb. 10 /PRNewswire-FirstCall/ -- FEC Resources Inc. (OTC Bulletin Board: FECOF) (Frankfurt/Munich: FE8)("FEC") announces that Dr Walter Brown has today resigned his position as non Executive Director with immediate effect. Dr Brown, who is also CEO of Forum Energy PLC, wishes to concentrate on the running of their operations in London and the Philippines. We would like to thank him for his efforts and support during his years of service on the FEC board.
Whilst we regret the departure of Dr Brown, the Board is delighted to announce the appointment of Mr Jose Ernesto Villaluna, the President and COO of Philex Mining Corporation. We are sure Mr. Villaluna's extensive experience and knowledge within the industry will be invaluable and accordingly we welcome him to the FEC Board of Directors.
FEC Resources Inc. holds a diverse portfolio of oil, gas, coal, and gold assets located in the Philippines through its shareholdings in Forum Energy Plc and Lascogon Mining Corporation.
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
