BNET Industries

Market Cap:$73.0M
  • Public
  • US
Dow Jones Description

We were incorporated in Nevada on February 4, 2000. In January 2002, we renamed our company Far East Energy Corporation and changed our focus to exploring, developing, producing and selling coalbed methane gas, or CBM. Today, our operations concentrate on CBM exploration and development in the Yunnan Province in Southern China and in the Shanxi Province in Northern China. Our goal is to become a recognized leader in coalbed methane gas property acquisition, exploration, development and production. Our principal offices are located at 400 North Sam Houston Parkway, Suite 205, Houston, Texas 77060. We also maintain offices in Beijing, China and Kunming, Yunnan Province, China. We are a development stage company and to date our activities have been principally limited to organizational activities, including developing a strategic operating plan, capital funding, hiring personnel, entering into contracts, acquiring rights to explore, develop, produce and sell oil and gas or CBM and, beginning in 2003, the drilling, testing and completion of exploratory wells.

President and Chief Executive Officer, Director
Michael R McElwrath
Number of Employees 31
Contact Information

363 N Sam Houston Pkwy E Ste 380

Houston, Texas 77060

www.fareastener...

(832) 598-0470

NAICS Code Crude Petroleum and Natural Gas Extraction: 211111

Recent Events

  • FEEC: Dr. Donald A. Juckett Named Chairman

    8/05/09 - Board Member - Entering - View Story

Decision Makers

Name (plus bio) Position
Michael R McElwrath President and Chief Executive Officer, Director
Andrew Lai Chief Financial Officer
Andrew Lai Kwongyip Chief Financial Officer
Bruce N Huff Chief Financial and Chief Accounting Officer, Secretary and Treasurer
K. Andrew Lai Chief Financial Officer
Randall Keys Chief Financial Officer
Alex Yang Senior Vice President
Garry R Ward Senior Vice President, Engineering
Alex Yang Zhendong Vice President of Exploration
Thomas E Williams Independent Director
David Nahmias

Board of Directors

Name (plus bio) Position
John Mihm Independent Director, Chairman Compensation Committee
William A Anderson Chairman
Albion William Board of Directors
C.P. Chiang Board of Directors
Don Gunther Board of Directors
Donald A Juckett Board of Directors
Lucian L. Morrison Board of Directors

Michael R. McElwrath has served as the Company's President and Chief Executive Officer since October 2003. He became a director in October 2003 and served as Chairman of the Board from October 2003 until January 2005. Mr. McElwrath also served as Secretary and Treasurer from October 2003 until March 2005. He was employed as Vice President of Hudson Highland (formerly known as TMP Worldwide) from 1999 until joining the Company in October 2003. He also served as Acting Assistant Secretary of Energy in the first Bush Administration, as Director of the National Institute for Petroleum and Energy Research, as Director of British Petroleum's outsourced exploration and production lab for the Americas and as Deputy Assistant Secretary for policy for the U.S. Department of Interior in the last year of the Reagan Administration. Mr. McElwrath holds a J.D. from the University of Texas School of Law, as well as a B.A. from the Plan II Honors Program at the University of Texas. He is also a member of the Society of Petroleum Engineers, the Independent Petroleum Association of America, and the Texas Independent Producers and Royalty Owners Association.

Organization Position Status
Far East Energy Corp President and Chief Executive Officer, Director Current
Far East Energy Corp Board of Directors Current
Energy Limited Acting Assistant Secretary Former
Energy Limited Board of Directors Former
British Petroleum Director Former
University of Texas School of Law J.D. Former

Organization Position Status
Far East Energy Corp Chief Financial Officer Current
Far East Energy Corp Vice President Treasurer and Controller Current
The University of Houston J.D. Degrees Former
The University of Houston MBA Former
The University of Houston Bba Former

Organization Position Status
Far East Energy Corp Chief Financial Officer Current

Bruce N. Huff was appointed Chief Financial Officer and Chief Accounting Officer in May 2004, and has served as our Secretary and Treasurer since March 2005. Prior to joining the Company, Mr. Huff spent 13 years at Harken Energy Corporation beginning as Senior Vice President and Chief Financial Officer and eventually becoming the President and Chief Operating Officer in 1998. He is a graduate of Abilene Christian University and a Certified Public Accountant.

Organization Position Status
Far East Energy Corp Chief Financial and Chief Accounting Officer, Secretary and Treasurer Current
Harken Energy Corporation President and Chief Operating Officer Former
Harken Energy Corporation Senior Vice President, Chief Financial Officer Former

Mr. Lai was appointed as Chief Financial Officer and Principal Accounting Officer in October 2008. Mr. Lai joined Far East Energy in January 2007 and served as Corporate Controller, Treasurer and Secretary of the Company. Prior to joining the Company, Mr. Lai held financial management positions with EOG Resources, Inc. from 1999 through January 2007. He also served with UMC Petroleum (now part of Devon Energy) from 1987 to 1995 and practiced public accounting from 1995 through 1999. Mr. Lai was raised in Hong Kong and is fluent in Cantonese and Mandarin. He holds BBA, MBA and J.D. degrees from the University of Houston. Mr. Lai is a Certified Public Accountant.

Organization Position Status
Far East Energy Corp Chief Financial Officer Current
EOG Resources, Inc. Former
The University of Houston J.D. Degrees Former
The University of Houston MBA Former
The University of Houston Bba Former

Organization Position Status
Far East Energy Corp Chief Financial Officer Current
Far East Energy Corp Independent Director, Chairman Audit Committee Current
Transmeridian Exploration, Inc. Chief Financial Officer Former
Bpz Resources, Inc. Chief Financial Officer Former
Core Laboratories N.V. Chief Financial Officer Former
Transmeridian Exploration, Inc. Financial Consultant Former
Bpz Resources, Inc. Financial Consultant Former
Far East Energy Corp Board of Directors Former
The University of Texas Bba In Accounting Former

Dr. Yang is a well-known geologist, and is recognized as a preeminent CBM expert in China. He received his Ph.D in Geology from Texas A&M University and has 22 years of working experience in China's energy industry and universities (teaching and research). He was among the pioneers in introducing CBM exploration and production to China, and assisted CUCBM in its early stages of formation. From 1993 to 2001, he worked as Chief Geologist and Senior Consultant for Amoco/Arco/BP CBM projects in the Ordos and Qinshui Basins in North China, and played a leading role in developing their projects and operations. Also, Dr. Yang has established personal/business relationships with numerous key people in the Chinese government and energy industry (CUCBM, PetroChina, Sinopec, China Univ. of Mining & Tech., and China National Administration of Coal Geology), which greatly benefits FEEC's project execution and business development in China.

Organization Position Status
Far East Energy Corp Senior Vice President Current
Far East Energy Corp Vice President of Exploration Former
Amoco Corporation Senior Geologist Former
Amoco Corporation Board of Directors Former
Texas A&M University Ph.D In Geology Former
Nanjing University M.S. Degree In Geology Former
Texas A&M University B.S. Degree In Geology Former
Nanjing University B.S. Degree In Geology Former

Mr. Ward's career spans 23 years in the petroleum industry, where his primary focus has been on the evaluation of oil and gas properties throughout the United States. He has been involved in the evaluation of coalbed methane prospects, primarily in the San Juan and Powder River basins, since 1992. In addition, he has over 20 years' experience in petroleum software development and has written numerous programs for use in the evaluation of oil and gas assets. Mr. Ward previously served as reservoir manager for 3TEC Energy and as Vice President of engineering and production for Floyd Oil Company. He holds a Master of Science degree in Petroleum Engineering from the University of Houston, is a registered professional engineer in the state of Texas and has been a member of the Society of Petroleum Engineers since 1978.

Organization Position Status
Far East Energy Corp Senior Vice President, Engineering Current
The University of Houston M.S. Degree In Petroleum Engineering Former
Missouri University of Science and Technology B.S. Degree In Petroleum Engineering Former

Organization Position Status
Far East Energy Corp Vice President of Exploration Current

Organization Position Status
Far East Energy Corp Independent Director, Chairman Compensation Committee Current
Nitrogen Rejection Technology Vice-Chairman and Member of the Board Current
Texas Tech BS In Chemical Engineering Former
Texas Tech University BS Degree In Chemical Engineering Former

Mr. Williams was appointed Chairman of the Board in June 2007, and has served as a director since February 2004. Mr. Williams also serves on the Board's Audit Committee. Mr. Williams retired June 1, 2007 as Vice President, Research and Business Development of Noble Technology Services, a wholly-owned subsidiary of Noble Corporation (NYSE: NE), where he also served as President of Maurer Technology Inc., a leading drilling R&D and engineering technology company and a wholly-owned subsidiary of Noble Corporation. Noble is a leading provider of diversified services for the oil and gas industry. Mr. Williams has 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

Organization Position Status
Far East Energy Corp Independent Director Current
Far East Energy Corp Chairman of the Board Current
The Research Partnership Board of Directors Current
Noble Technology Services Vice President, Research and Business Development Former
Department of Energy Former
Halliburton Company Former

Organization Position Status
Far East Energy Corp Current

Organization Position Status
Weller, Anderson & Co., Ltd. Founder Current
Weller, Anderson & Co., Ltd. Partner Current
Far East Energy Corp Chairman Current
Rancher Energy Incorporated Board of Directors Current
Far East Energy Corp Member of the Company's Board Current

Organization Position Status
Far East Energy Corp Board of Directors Current

Organization Position Status
Far East Energy Corp Board of Directors Current

Organization Position Status
Far East Energy Corp Board of Directors Current
Industrial.Com, Inc. President Former

Organization Position Status
Consumer Energy Alliance Board of Directors Current
Far East Energy Corp Board of Directors Current
Far East Energy Corp Independent Director, Nominating Committee Chairma Former
Petroleum Technology, Inc Acting Deputy Assistant Secretary Former
Far East Energy Corp Senior Executive Former
Natural Gas Board of Directors Former
Petroleum Technology, Inc Director Former

Organization Position Status
Erie Indemnity Company Independent Trustee and Consultant Current
Erie Indemnity Company Board of Directors Current
Far East Energy Corp Board of Directors Current
Sentinel Trust Company Co-Founder Former
Heritage Trust Co. Founder Former
Encore Trust Director Former
University of Texas School of Law J.D. Former
Trust Division Graduate Degree Former

Executive News

  • Far East Energy Announces Increase in Production, Gas From a Second Coal Seam, and...

    Reuters - 9/08/09 - View Story

  • Far East Energy Announces Increase in Production, Gas From a Second Coal Seam, and Gas From a...

    Forbes.com - 9/08/09 - View Story

  • Far East Energy Announces Increase in Production, Gas From a Second Coal Seam, and Gas From a Distant Parameter Well

    PR Newswire - 9/08/09 - View Story

  • Far East Energy Announces Approval of Shouyang and Yunnan Extensions

    PR Newswire - 8/27/09 - View Story

advertisement
     FEEC $0.45 +0.01 (2.27% )
Average Volume 144,621
Shares Outstanding 162.28M
Market Cap 73.0M
Year High 0.7
Year Low 0.14
Earnings Per Share -0.13
P/E Ratio -3.46
Dividend N/A
Yield N/A
advertisement