China's Shouyang CBM PSC Operator FEEC Ceases Operations
China-focused coal bed methane (CBM) exploration and development company Far East Energy Corporation (FEEC) disclosed Tuesday that it has ceased all operations.
The U.S. listed company, which operates the Shouyang CBM Production Sharing Contract (PSC) in China's Shanxi Province, revealed that it "has ceased operations and commenced bankruptcy proceedings (the Chapter 7 Case) by filing a voluntary petition for relief under provisions of Chapter 7 of Title 11 of the United States Code to initiate an orderly liquidation of the assets of the Company," according to the press release.
FEEC indicated that the Chapter 7 Case is entitled “In re Far East Energy Corporation” and is being administered under case number 15-35970 in the United States Bankruptcy Court for the Southern District of Texas.
In October 2014, the Houston-based firm and its partner China United Coal Bed Methane (CUCBM) -- a subsidiary of China National Offshore Oil Corp. (CNOOC) -- received the overall development plan (ODP) for Area A in the Shouyang PSC. Area A, which contained most of the company's proven CBM reserves, has been expected to enter into the development phase when the ODP gets final regulatory approval later this year.
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