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Offerings: Far East Energy Eyes $34.8 Million Raise

August 23, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Far East Energy Corp. (FEEC.OB) said that it has agreed to sell an aggregate of around 105.5 million shares of its common stock at a price of $0.33 per share for around $34.8 million in a registered direct offering. The offering is scheduled to close on or about August 24.

The company plans to use the net proceeds from the offering to continue the drilling, completion and testing of its coalbed methane wells in China and for general corporate purposes, according to CEO Michael R. McElwrath.

McElwrath added, “We are particularly pleased with the quality of the investor group, which consists primarily of several large, fundamental, long-only mutual funds, with exceptional reputations in the investment and energy communities.”

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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