Tuesday, May 13, 2008

Pacific Asia China Energy terminates CBM project in Hubei

Canadian-based Pacific Asia China Energy Inc (PACE) has decided to terminate a coalbed methane (CBM) project in Huangshi, central China's Hubei province.

PACE has agreed to pay the China United Coalbed Methane Company (CUCBM) US$100,000 as well as the outstanding accounts payable in return for waiving the project, which was estimated to have a low probability of being commercially viable.

PACE is the first Canadian company to explore for the develop CBM resources in China.

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