FEC Resources Inc. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>FEC Resources Inc. has filed its annual 20-F report detailing its 2023 fiscal year operations and financial standing.</b>

AI Summary

FEC Resources Inc. (FECOF) filed a Foreign Annual Report (20-F) with the SEC on April 2, 2024. FEC Resources Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's principal business is crude petroleum and natural gas extraction. The filing includes financial data for the fiscal year 2023. FEC Resources Inc. was formerly known as Forum Energy Corp, Tracer Petroleum Corporation, and Tylox Resource Corp. The company's business address is Suite 2300, Bentall 5, 550 Burrard St., Vancouver, A1, V6C 2B5.

Why It Matters

For investors and stakeholders tracking FEC Resources Inc., this filing contains several important signals. This filing provides investors and stakeholders with a comprehensive overview of the company's financial performance, operational activities, and risk factors for the fiscal year 2023. As a public document, it ensures transparency and compliance with SEC regulations, allowing for informed investment decisions regarding FEC Resources Inc.

Risk Assessment

Risk Level: low — FEC Resources Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess the company's current financial health and future prospects.

Financial Highlights

debt To Equity

N/A

revenue

6117238

operating Margin

N/A

total Assets

861082371

total Debt

N/A

net Income

1835111

eps

0.068

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 20-F filing.)
• 2024-04-02 — Filing Date (Date the 20-F report was filed with the SEC.)
• 1311 — SIC Code (Standard Industrial Classification for Crude Petroleum & Natural Gas.)
• 778-587-6201 — Business Phone (Contact number for FEC Resources Inc.)

Key Players & Entities

• FEC Resources Inc. (company) — Filer of the 20-F report.
• Forum Energy Corp (company) — Former name of FEC Resources Inc.
• Tracer Petroleum Corporation (company) — Former name of FEC Resources Inc.
• Tylox Resource Corp (company) — Former name of FEC Resources Inc.
• Vancouver (location) — City where the company's business and mail address are located.

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The company must comply with all applicable SEC rules and regulations for foreign private issuers filing Form 20-F.
• Crude Petroleum and Natural Gas Market Volatility [high — market]: The company's financial results are subject to the inherent volatility and cyclical nature of the crude petroleum and natural gas markets.
• Operational Risks in Extraction [high — operational]: Risks associated with the exploration, development, and production of oil and gas reserves, including operational failures and environmental incidents.

Glossary

20-F

An annual report required by the U.S. Securities and Exchange Commission (SEC) from foreign private registrants. (Provides a comprehensive overview of the company's business, financial condition, and management for the fiscal year.)

Crude Petroleum & Natural Gas

The industry sector focused on the extraction of oil and gas from the earth. (Defines the primary business activity of FEC Resources Inc.)

Key Financial Figures

• $191,795 — nue Operations. We had a net loss of ($191,795) during the year ended December 31, 202
• $193,182 — e year ended December 31, 2023 (2022 – ($193,182); 2021 – ($168,208). We have incurred o
• $168,208 — er 31, 2023 (2022 – ($193,182); 2021 – ($168,208). We have incurred operating losses in
• $18,895,319 — s with our accumulated deficit totaling $18,895,319 as at December 31, 2023. We also antici
• $718,117 — received net proceeds of approximately $718,117. On the same date, we also settled a Ri
• $170,111 — so settled a Rights Offering Advance of $170,111 previously received from PXP Energy Cor
• $0.00225 — ,066 shares to PXP at the same price of $0.00225. On August 7, 2020, we purchased 6.8%
• $5,091,204 — ugust 7, 2020, we purchased 6.8% of the $5,091,204 loan currently due by FEL to PXP amount
• $346,202 — urrently due by FEL to PXP amounting to $346,202 plus accrued interest of $939. This loa
• $939 — ng to $346,202 plus accrued interest of $939. This loan was unsecured, due on Decemb
• $224,400 — eds of the sale were used to fund FEC's $224,400 share of FEL's pre-drilling costs for t
• $198,620, b — osts received from FEL in the amount of $198,620, bringing the total to $423,020. The advan
• $423,020 — ount of $198,620, bringing the total to $423,020. The advance to FEL was via non-interes
• $198,620 — loans. In order to be able to fund the $198,620, we accepted a loan from PXP for the sa
• $68,000 — 2023 and November 29, 2023, we advanced $68,000 and $136,000, respectively, to FEL repr

Filing Documents

• fecof_20f.htm (20-F) — 754KB
• fecof_ex121.htm (EX-12.1) — 10KB
• fecof_ex122.htm (EX-12.2) — 11KB
• fecof_ex131.htm (EX-13.1) — 4KB
• fecof_ex132.htm (EX-13.2) — 4KB
• fecof_20fimg6.jpg (GRAPHIC) — 1KB
• fecof_20fimg7.jpg (GRAPHIC) — 8KB
• fecof_20fimg5.jpg (GRAPHIC) — 14KB
• 0001477932-24-001773.txt (&nbsp;) — 2471KB
• fecof-20231231.xsd (EX-101.SCH) — 37KB
• fecof-20231231_lab.xml (EX-101.LAB) — 134KB
• fecof-20231231_cal.xml (EX-101.CAL) — 26KB
• fecof-20231231_pre.xml (EX-101.PRE) — 114KB
• fecof-20231231_def.xml (EX-101.DEF) — 49KB
• fecof_20f_htm.xml (XML) — 255KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not Applicable FEC RESOURCES, INC. FORM 20-F ANNUAL REPORT FISCAL YEAR 2018 TABLE OF CONTENTS Page PART I Item 1. Identity of Directors, Senior Management and Advisers 4 Item 2. Offer Statistics and Expected Timetable 4 Item 3. Key Information 4 Item 4. Information on the Company 14 Item 4a. Unresolved Staff Comments 26 Item 5. Operating and Financial Review and Prospects 26 Item 6. Directors, Senior Management and Employees 32 Item 7. Major Shareholders and Related Party Transactions 37 Item 8. Financial Information 38 Item 9. The Offer and Listing 38 Item 10. Additional Information 38 Item 11. Quantitative and Qualitative Disclosure About Market Risk 41 Item 12.

Description of Securities other than Equity Securities

Description of Securities other than Equity Securities 41 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 42 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 42 Item 15.

Controls and Procedures

Controls and Procedures 42 Item 16A. Audit Committee Financial Expert 43 Item 16B. Code of Ethics 44 Item 16C. Principal Accountant Fees and Services 44 Item 16D. Exemption from the Listing Standards for Audit Committee 45 Item 16E. Purchase of Equity Securities by the Issuer and Affiliated Purchaser 45 Item 16F. Changes in Registrant's Certifying Accountant 45 Item 16G. Corporate Governance 45 Item 16H. Mine Safety Disclosure 45 PART III Item 17.

Financial Statements

Financial Statements 46 Item 18.

Financial Statements

Financial Statements 46 Item 19. Exhibits 47

Signatures

Signatures 48 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the information in this prospectus contains forward-looking statements. Forward-looking statements represent our current expectations or forecasts of future events and are based on our management's beliefs, as well as assumptions made by and information currently available to them. You can identify these statements by the fact that they do not relate strictly to historical or current facts. These statements may include the words "anticipate," "believe," "budget," "estimate," "expect," "intend," "objective," "plan," "probable" "possible," "potential," "project" and other words and terms of similar meaning in connection with any discussion of future operating or financial performances. Any references to we, our, us, Company, Corporation, or FEC refer to FEC Resources Inc. Any or all of our forward-looking statements in this Form 20-F may turn out to be incorrect. They can be affected by inaccurate assumptions, or by known or unknown risks and uncertainties. Many of these factors, including the risks outlined under "Risk Factors," will be important in determining our actual future results, which may differ materially from those contemplated in any forward-looking statements. These factors include, among others, the following: - oil and natural gas price volatility affecting companies we invest in; - uncertainties in the estimates of proved reserves, and in the projection of future rates of production and timing of development expenditures from companies we invest in; - the ability of companies we invest in to find and acquire additional reserves; - risks associated with investments, acquisitions, exploration, development and production directly or by companies we invest in; - risks associated with owning minority interests in unlisted investments whose shares are not readily traded nor for which there is a quoted market price; - operating hazards a

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS. Not applicable to Form 20-F filed as annual report.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE. Not applicable to Form 20-F filed as annual report.

KEY INFORMATION

ITEM 3. KEY INFORMATION. The following is a summary of key information about our financial condition, capitalization and the risk factors pertaining to our business. Currency Exchange Rates Table No. 3(A)(1) below sets forth the rate of exchange for the Canadian Dollar at the end of each of the five (5) most recent fiscal years ended December 31, the average rates for each year, and the range of high and low rates for each year. Table 3(A)(2) sets forth the high and low exchange rates for each month during the previous six (6) months. The rate of exchange means the noon buying rate as posted by the Bank of Canada. The Tables set forth the number of Canadian Dollars required under that formula to buy one (1) US Dollar. The average rate means the average of the exchange rates on the last day of each month during the year. Table No. 3(A)(1) U.S. Dollar/Canadian Dollar Currency Exchange Table No. 1 U.S. Dollar/Canadian Dollar Average High Low Close Fiscal Year Ended 12/31/23 1.35 1.39 1.31 1.32 Fiscal Year Ended 12/31/22 1.30 1.39 1.25 1.35 Fiscal Year Ended 12/31/21 1.25 1.29 1.20 1.27 Fiscal Year Ended 12/31/20 1.34 1.45 1.27 1.27 Fiscal Year Ended 12/31/19 1.33 1.36 1.30 1.30 The current closing rate of exchange was 1.3587 on March 27, 2024. Table No. 3(A)(2) U.S. Dollar/Canadian Dollar 9/23 10/23 11/23 12/23 1/24 2/24 High 1.37 1.39 1.39 1.36 1.35 1.36 Low 1.34 1.36 1.36 1.32 1.33 1.35 4 Table of Contents A. Selected Financial Data The following financial data summarizes selected financial data for our company prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") for the five fiscal years ended December 31, 2023, 2022, 2021, 2020, and 2019. The information presented below for the five year period ended December 31, 2023, 2022, 2021, 2020, and 2019 is derived from our audite

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