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Far East Energy Eyes $5 Million Raise

March 10, 2010 (FinancialWire) — Far East Energy Corp. (OTCBB: FEEC) said it has entered into definitive agreements with certain institutional investors to sell in a registered direct offering an aggregate of around 11.66 million shares of its common stock at a price of $0.43 per share for gross proceeds of $5.01 million.

The company plans to issue to the investors warrants at closing, which will become exercisable for a period of five years and will provide the holders the right to purchase up to an additional 4.66 million shares in the aggregate at an exercise price of $0.80 per share.

If fully exercised for cash, the warrants would result in additional gross proceeds to the company of approximately $3.73 million.

Far East said the proceeds will provide the company the capital it needs to execute its business plan, including Far East’s Shouyang 1H Pilot Area drilling program.

Texas-based Far East Energy is focused on coal-bed methane exploration and development in China. The firm has offices in Beijing, Kunming, and Taiyuan City, China.

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