FEC Receives Further Extension for Loan Repayment

Rhea-AI Summary

FEC Resources Inc. (OTC Pink: FECOF) has received an extension for repayment of a loan from PXP Energy The loan, consisting of $738,206 principal and approximately $88,443 in accrued interest, was originally due on September 30, 2024. Following a request from PXP for a repayment plan, FEC successfully negotiated an extension of the due date to December 31, 2024. All other terms of the loan remain unchanged. This extension provides FEC with additional time to address its financial obligations.

Positive

• Successful negotiation of loan repayment extension
• Additional three months to manage financial obligations
• No changes to other loan terms, maintaining stability

Negative

• Substantial loan of $738,206 plus $88,443 in interest due
• Need for repayment plan suggests potential cash flow issues
• Short-term extension may indicate ongoing financial challenges

Vancouver, British Columbia--(Newsfile Corp. - October 1, 2024) - FEC RESOURCES INC. (OTC Pink: FECOF) ("FEC" or the "Company") received a request for a repayment plan from PXP Energy Corporation ("PXP") with respect to the $738,206 principal and approximately $88,443 of accrued interest due to PXP by the Company. The loan was due on September 30, 2024.

The Company is pleased to report that it requested and received an extension of the repayment due date from September 30, 2024 to December 31, 2024, with all other terms of the loan remaining the same.

On behalf of the Board of,

FEC Resources Inc.

Daniel Carlos
Director and Chief Executive Officer

For more information please e-mail info@FECResources.com or visit the FEC Resources website at www.fecresources.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225273

FAQ

What is the new repayment date for FEC Resources' loan from PXP Energy ?

The new repayment date for FEC Resources' (FECOF) loan from PXP Energy has been extended to December 31, 2024.

How much does FEC Resources (FECOF) owe in principal and interest on the PXP Energy loan?

FEC Resources (FECOF) owes $738,206 in principal and approximately $88,443 in accrued interest on the loan from PXP Energy

When was the original due date for FEC Resources' (FECOF) loan repayment?

The original due date for FEC Resources' (FECOF) loan repayment to PXP Energy was September 30, 2024.

Have any other terms of the loan between FEC Resources (FECOF) and PXP Energy changed?

No, all other terms of the loan between FEC Resources (FECOF) and PXP Energy remain the same, with only the repayment date being extended.