Cheniere Energy Advances Freeport LNG Development Project; Charles Reimer Assumes Helm at Freeport LNG Development LP.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Dec. 19, 2002 Cheniere Energy Inc. (AMEX AMEX See: American Stock Exchange :CXY) announced that Charles M. Reimer has accepted the position of president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for Freeport LNG LNG (liquefied natural gas): see under natural gas. Development, L.P. ("Development"). Development was formed by Michael S. Smith Michael Scott Smith (January 30, 1946–January 2, 2006) was an American Jazz drummer. Based in the Washington D.C. - Baltimore area for most of his 40-year career, Smith played with jazz greats including Dave Liebman, Herbie Hancock, John Abercrombie, Randy Brecker, (founder and previous chairman of Basin Exploration) to pursue the development of Cheniere's Freeport, Texas, LNG receiving facility project. Charif Souki, chairman of Cheniere, will assume the positions of president and chief executive officer of the company vacated by Mr. Reimer. In a related development, Freeport LNG Investments, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Investments"), Cheniere's partner in Development, advanced Cheniere $650,000 and agreed to fund all expenses related to the development of the LNG receiving facility in Freeport, Texas, until the closing of the previously announced transaction between Investments and Cheniere. The closing date will be in mid-February under the terms of the agreement between the parties. For consideration received, Cheniere has also extended to mid-February the option held by Contango Contango When the futures price is above the expected future spot price. Consequently, the price will decline to the spot price before the delivery date. Notes: This is the opposite of backwardation. Oil & Gas Company (AMEX:MCF) to acquire a 10% interest in the Freeport facility. Cheniere Energy is a Houston-based energy company. It owns 9% of Gryphon Exploration Company, with Warburg, Pincus Equity Partners, L.P. owning the other 91%. Cheniere conducts exploration in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east using a regional database of 7,000 square miles of 3D seismic coverage. It is also developing sites for LNG receiving facilities along the Texas Gulf Coast. Additional information on the company may be found on its Web site at www.cheniere.com, by contacting the company's investor and media relations department toll-free at 888/948-2036 or by writing to: cxy@mdcgroup.com. Except for the historical statements contained herein, this news release presents forward-looking statements that involve risks and uncertainties. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Certain risks and uncertainties inherent in the company's business are set forth in the company's periodic reports that are filed with and available from the Securities and Exchange Commission. |
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