CALGARY, Alberta, Jan. 21 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Forum Energy Corporation, by David R.
Robinson, President and CEO:
FORUM ENERGY CORPORATION (OTC Bulletin Board: FRUEF; Berlin and Frankfurt:
FE8) reports its subsidiary and sole operator of Service Contract 40, Forum
Exploration, Inc., is preparing to conduct production tests of its three wells
in Maya, Daanbantayan, Cebu within the first quarter of 2004.
The three wells, named Forum-1X, 2X, and 3X, encountered good oil and gas
shows during drilling in 2003. Several intervals have been identified based
on rock samples and wireline logs which could be potential zones for drill
stem tests. The wells were drilled using the company-owned Hycalog Rig
HH3500.
Forum Exploration is currently finalizing the testing and completion
program for each well and has started reviewing the proposals submitted by
local and foreign contractors. The program will commence on the Forum-2X
well, which flowed up to 217,000 cubic feet of gas through a half-inch choke
during an openhole test conducted last October 2003.
The planned multi-well tests are aimed at confirming the producibility and
continuity of the reservoirs within the Maingit and Malubog Formations. A
re-evaluation of the Maya area will be undertaken next to determine whether
the oil and gas finds can be developed commercially.
On behalf of the Board of,
FORUM ENERGY CORPORATION
"David R. Robinson"
David R. Robinson
President & CEO
This release contains "forward looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there is
no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations
For more information please contact David Robinson at 403-290-1676 e-mail
info@forumenergy.com or visit the Forum Energy website at http://www.forumenergy.com
SOURCE Forum Energy Corporation
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Related links:
http://www.forumenergy.com
CONTACT:
David Robinson of Forum Energy Corporation,
+1-403-290-1676, or info@forumenergy.com
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