Vancouver, British Columbia--(Newsfile Corp. - October 29, 2020) - FEC RESOURCES INC. (OTC Pink: FECOF) ("FEC" or the "Company") announces a number of changes to the Company's Board of Directors and management roles which will be effective October 30, 2020.

Mr. Paul Wallace has resigned as President, Chief Executive Officer and Chief Financial Officer of the Company. Mr. Wallace will continue to serve as a non-executive director of the Company.

Mr. Daniel Stephen Carlos has been appointed to the Board of Directors of the Company filling the vacancy left by the previously announced retirement of Mr. Lyle Brown. Mr. Carlos will also serve as the Company's President and Chief Executive Officer.

Mr. Carlos is currently the President and a Director of the PXP Energy Corporation, the Company's majority shareholder. He obtained his Bachelor of Science (B.Sc.) degree in Geology from the University of the Philippines (1984) and holds a Master of Science (M.Sc.) degree in Petroleum Geoscience from the Norwegian University of Science and Technology or NTNU (2002). He also has a Diploma in Petroleum Exploration and Reservoir Evaluation from the University of Trondheim, now NTNU (1988). In February 2007, he joined Forum Energy Philippines Corporation as Vice President for Exploration and was appointed President since July 2013 to present. He was appointed President of PXP Energy Corporation in August 2015. He is also the Resident Agent in the Philippines of Forum (GSEC 101) Ltd, which operates Service Contract (SC) 72 or Recto Bank. He is also the President of Forum Energy Philippines Corporation, a subsidiary with non-operated holdings in SCs 6 and 14, and Forum Exploration, Inc., which operates SC 40 or North Cebu Block.

In addition, Mr. Mark Rilles has been appointed Chief Financial Officer of the Company. Mr. Rilles is currently the Finance Controller of the PXP Energy Corporation, having joined the Group in 2012. He is the Corporate Secretary of Forum Energy Limited and Pitkin Petroleum Limited and Director and Treasurer of Forum Energy Philippines Corporation and Forum Exploration Inc. He obtained his Bachelor of Science degree in Accountancy from the University of Santo Tomas (2004) and holds a Master of Business Administration (M.B.A.) degree from the Ateneo Graduate School of Business (2014). He is a Certified Public Accountant (passed the CPA Licensure Exams in 2004) and previously worked at SyCip Gorres Velayo & Co. (SGV & Co.) from 2004 to 2008.

On behalf of the Board of,

FEC Resources Inc.

Paul Wallace

Director

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