Chinese Govt Okays Shouyang, Yunnan PSC Extensions

Far East Energy Corp. on Thursday announced that it has received final approval by the Chinese Ministry of Commerce (MOFCOM) of two Modification Agreements that extend the exploration periods of both its Shouyang and Yunnan Production Sharing Contracts (PSCs) by two years apiece to June 30, 2011.

"While we were quite confident that our exploration periods would be extended due to the fact that Far East has been among the most active foreign companies in CBM exploration over the past five years, nevertheless we are pleased to have formally obtained extensions allowing us time to further expand exploration efforts," said Michael R. McElwrath CEO and President of Far East.

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.