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Archive for March 15th, 2012

IAM and World Trademark Review Open First Asian Office

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LONDON, March 15, 2012 /PRNewswire-Asia/ — The IP Media Group, publisher of Intellectual Asset Management (IAM) and World Trademark Review (WTR), has significantly expanded its presence in Asia with the opening of an office in Hong Kong. Based in Wan Chai, the office will allow IPMG’s titles to provide much greater coverage of Asia’s rapidly expanding IP markets, as well as to develop products and services designed specifically for them.

Dan Cole, previously group publisher of Managing Intellectual Property, has been appointed managing director of IPMG Asia. Working alongside him are Bryce Leung, previously Asia manager at MIP; and Helen Sloan, who becomes IPMG’s Asia editor having previously held a senior reporter’s job at the group’s head office in London.

IPMG was created in 2008 and has become the world’s foremost IP publishing organisation, with both IAM and WTR acknowledged as the leading publications in their fields. The IPMG also runs the globally-renowned IP Business Congress and produces widely-respected, research-based guides to the world’s leading patent and trademark practitioners, and IP strategists.

“I have known about the high quality work that IPMG does for many years and I am very excited about now having the opportunity to build its presence in Asia,” says Cole. “I look forward to collaborating with people across the region to deliver products and services which reflect the extraordinary IP work being done here.”

“As far as producing relevant, cutting-edge editorial goes, nothing beats being on the ground,” says Joff Wild, the editor-in-chief of IPMG. “Having a senior journalist operating inside Asia’s dynamic IP markets means that we can provide the readers of both IAM and WTR with even more in-depth coverage. IPMG has always been focused on bringing our subscribers the best possible editorial products and this move ensures that we will continue to do so.”

IPMG group publisher Gavin Stewart believes that the opening of the Hong Kong office demonstrates the group’s ambition: “Asia and the Pacific Rim are home to many of the world’s most important IP hubs; and that means we have to be there too. It is a move that will not only benefit our Asian client and subscriber bases, but will also bring significant advantages to our partners in other parts of the world. These are exciting times!”

Further details from Dan Cole: dcole@theipmediagroup.com or tel: +852-5665-5774

SOURCE﹛The IP Media Group

Written by asiafreshnews

March 15, 2012 at 4:51 pm

Posted in Uncategorized

Far East Energy Announces Release of Shouyang Block Reserves Report

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HOUSTON, March 14, 2012 /PRNewswire-Asia/ — Far East Energy Corporation (OTCBB:FEEC) has filed its annual report on Form 10-K for the year ended December 31, 2011 and announced the results of its first independent SEC reserve report issued by RISC Operations Pty Ltd (“RISC”) evaluating, as of December 31, 2011, the estimated proved, probable and possible coalbed methane gas reserves attributable to the three (3) target coal seams (#3, #9 and #15) in Far East Energy’s 409,282 acre (1656.3 square kilometers) Shouyang Block, situated in Shanxi Province, China.

Based on the report, estimates of Far East Energy’s Proved, Probable and Possible Reserves as of December 31, 2011 were as follows:

Coalbed Methane Pre-Tax PV10 Value*
As of December 31, 10% Discount
2011 Gross Reserves Net Reserves ($ millions)
(MMscf) (MMscf) (PV-10)*
Proved Reserves
Developed 14,160 13,505
Undeveloped 45,469 41,094
Total Proved 59,629 54,599 $ 65.4

Probable Reserves 514,953 379,603 $ 663.9

Possible Reserves 165,265 114,436 $ 378.9
Total Proved,
Probable and
Possible Reserves 739,847 548,638 $ 1,108.2

* Pre-Tax PV10 may be considered a non-GAAP financial measure as defined
by the SEC.Please see more information related to this disclosure under
the heading “Additional Information Regarding Estimates of Reserves.”

The Proved Reserves set forth in this report are attributable to approximately to 13,360 acres. The Probable and Possible Reserves set forth in this report are attributable to approximately to 85,502 acres, inclusive of the proved locations.

Commenting on the results of the report, Michael R. McElwrath, CEO and President of Far East Energy, stated:”Obviously, we are very pleased with these numbers. A major milestone has been achieved. 2011 was an exceptional year for Far East Energy with appraisal wells located in distant areas of our Shouyang Block showing significant potential, and the stage is set for a strong year in 2012.”

The full text of the RISC report may be found on the website of Far East Energy at http://www.fareastenergy.com. The estimates in the RISC report were prepared in accordance with the definitions and regulations of the U.S. Securities and Exchange Commission and the FASB Accounting Standards Codification Topic 932, Extractive Industries-Oil and Gas with the exclusion of future income tax and Chinese VAT.

Additional Information Regarding Estimates of Reserves

Pre-Tax PV10 and the standardized measure of discounted future net cash flows do not purport to be, nor should they be interpreted to present, the fair value of the coalbed methane reserves of the Shouyang project. An estimate of fair value would take into account, among other things, the recovery of reserves not presently classified as proved, the value of unproved properties, and consideration of expected future economic and operating conditions.

Estimated future production of Proved Reserves and estimated future production and development costs of Proved Reserves are based on current costs and economic conditions. Future income tax expenses are computed using the appropriate year-end statutory tax rates applied to the future pre-tax net cash flows from proved coalbed methane reserves, less the tax basis of Far East Energy. All wellhead prices are held flat over the forecast period for all reserve categories. The estimated future net cash flows are then discounted at a rate of 10%.

Pre-Tax PV10 for Proved Reserves may be considered a non-GAAP financial measure as defined by the SEC and is derived from the standardized measure of discounted future net cash flows for proved reserves, which is the most directly comparable US GAAP financial measure. Pre-Tax PV10 is computed on the same basis as the standardized measure of discounted future net cash flows for proved reserves but without deducting future income taxes. As of December 31, 2011, our discounted future income taxes were $2.8 million and our standardized measure of after-tax discounted future net cash flows for Proved Reserves was $62.6 million. We believe Pre-Tax PV10 is a useful measure for investors for evaluating the relative monetary significance of our coalbed methane properties. We further believe investors may utilize our Pre-Tax PV10 as a basis for comparison of the relative size and value of our Proved Reserves to other companies because many factors that are unique to each individual company impact the amount of future income taxes to be paid. Our management uses this measure when assessing the potential return on investment related to our coalbed methane properties and acquisitions. However Pre-Tax PV10 is not a substitute for the standardized measure of discounted future net cash flows. Our Pre-Tax PV10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of our proved coalbed methane gas reserves.

Pre-Tax PV10 for Probable and Possible Reserve amounts above represent the present value of estimated future revenues to be generated from the production of Probable or Possible Reserves, calculated net of estimated lease operating expenses, production taxes and future development costs, using costs as of the date of estimation without future escalation and using 12-month average prices, without giving effect to non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization, or future income taxes and discounted using an annual discount rate of 10%. With respect to Pre-Tax PV10 amounts for Probable or Possible Reserves, there do not exist any directly comparable US GAAP measures, and such amounts do not purport to present the fair value of our Probable and Possible Reserves.

It is not intended that Pre-Tax PV10 or the FASB’s standardized measure of discounted future net cash flows for Proved Reserves represent the fair market value of Far East Energy’s Proved, Probable or Possible Reserves. Far East Energy cautions that the disclosures shown above are based on estimates of Proved, Probable or Possible Reserve quantities and future production schedules which are inherently imprecise and subject to revision, and the 10% discount rate is arbitrary. In addition, costs and prices as of the measurement date are used in the determinations, and no value may be assigned to Probable or Possible Reserves. Estimates of economically recoverable coalbed methane reserves and of future net revenues are based upon a number of variable factors and assumptions, all of which are to some degree subjective and may vary considerably from actual results. Therefore, actual production, revenues, development and operating expenditures may not occur as estimated. The reserve data are estimates only, are subject to many uncertainties and are based on data gained from production histories and on assumptions as to geologic formations and other matters. Actual quantities of coalbed methane may differ materially from the amounts estimated.

Far East Energy Corporation

Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on coalbed methane exploration and development in China. For additional information please visit, http://www.fareastenergy.com.

Resource Investment Strategy Consultants (RISC)

RISC is a resource industry consulting firm that has provided consulting services to some of the largest energy companies in the world.

Statements contained in this press release that state the intentions, hopes, estimates, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content; there can be no assurance as to the volume of gas that is ultimately produced or sold from our wells; the fracture stimulation program may not be successful in increasing gas volumes; due to limitations under Chinese law, we may have only limited rights to enforce the gas sales agreement between Shanxi Province Guoxin Energy Development Group Limited and China United Coalbed Methane Corporation (“CUCBM”), to which we are an express beneficiary; additional wells may not be drilled, or if drilled may not be timely; additional pipelines and gathering systems needed to transport our gas may not be constructed, or if constructed may not be timely, or their routes may differ from those anticipated; the pipeline and local distribution/compressed natural gas companies may decline to purchase or take our gas, or we may not be able to enforce our rights under definitive agreements with pipelines; conflicts with coal mining operations or coordination of our exploration and production activities with mining activities could adversely impact or add significant costs to our operations; the Chinese Ministry of Commerce (“MofCom”) may not approve the Modification Agreement to the Shouyang PSC (the “Modification Agreement”) on a timely basis or at all, or, if so, on commercially advantageous terms; our Chinese partner companies or MofCom may require certain changes to the terms and conditions of the Modification Agreement or our PSCs in conjunction with their approval, including reductions in acreage or a reduction in the term of the extension for the exploration period; our lack of operating history; limited and potentially inadequate management of our cash resources; risk and uncertainties associated with exploration, development and production of coalbed methane; our inability to extract or sell all or a substantial portion of our reserves and other resources; we may not satisfy requirements for listing our securities on a securities exchange; expropriation and other risks associated with foreign operations; disruptions in capital markets affecting fundraising; matters affecting the energy industry generally; lack of availability of oil and gas field goods and services; environmental risks; drilling and production risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

SOURCE﹛Far East Energy Corporation

Written by asiafreshnews

March 15, 2012 at 2:39 pm

Posted in Uncategorized

ForexTrading.com Goes Live With MT4 Offering

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LIMASSOL, Cyprus, March 14, 2012 /PRNewswire-Asia/ —

ForexTrading – will never be the same

FT World Ltd., today announced the launch of ForexTrading – http://www.forextrading.com – a trade name and brand which provides online trading facilities to private clients through three fully integrated trading platforms. Headed by Niels Vahman, CEO of FT World Ltd., ForexTrading aims at offering a transparent, simple and trustworthy trading venue for the FX global retail market.

ForexTrading will offer 60+ FX currency pairs including all major FX crosses as well as Gold and Silver. With its unique “Trade on Your Terms” ForexTrading will offer one account type and give its clients the possibility to choose their desired target spreads. The lower the target spread a client chooses, the higher the minimum deposit required.

Niels Vahman commented on the offering:

“We wanted to make our offering simple for our clients, so we decided that they can choose the terms. We are targeting the young and IT savvy client looking to trade in a simple, cool, high-tech, transparent and interconnected way. We aim at being the broker who provides them with a trading experience that is high in quality and low in complexity. Ultimately we want to be seen as abroker that the new generation of traders can trust in this era of Individuality, Inclusivity and Interconnectedness.”

ForexTrading will offer online trading through three fully integrated trading platforms: browser-based ForexTrading-WEB, ForexTrading-Mobile and downloadable MetaTrader4.

Niels Vahman commented on the choice of MT4:

“We see this as an opportunity to reach the growing retail FX market driven by clients looking for automated trading solutions, integration with third-party social trading tools and communities. MT4 has proven to be the trading platform of choice for this segment. Combined with an account from a broker they can trust, superior liquidity and no-dealing desk we seek to secure high quality execution for our clients.”

For more information:http://www.forextrading.com

Spokesperson:
Niels Vahman, CEO

About ForexTrading

ForexTrading is a trade name of FT World Ltd., a fully-owned subsidiary broker in the Saxo Bank Group. FT World Ltd. is a Cypriot Investment Firm regulated by the Cyprus Securities and Exchange Commission operating under license number CIF 163/12. ForexTrading offers online trading to private clients through three fully integrated trading platforms; the browser-based ForexTrading-WEB, the downloadable MetaTrader4 and the ForexTrading-Mobile.

SOURCE﹛ForexTrading

Written by asiafreshnews

March 15, 2012 at 10:22 am

Posted in Uncategorized