CALGARY, Alberta, Feb. 2 /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) is pleased to announce that the company's convertible debt to ROC Oil,
amounting to US $307,357.21 has been settled in full. The company now has no
outstanding loan or debt obligations. The debt was settled by conversion of
the debt to equity, being investment in the ordinary shares of the company,
which was placed in full with a Swiss-based institutional investor.
"We are extremely pleased to have both retired our only significant
outstanding debt, and to have secured an important institutional investor as a
new shareholder in the company. This caliber of backing will give Forum a
sound financial platform to both underpin and propel us forward in our plan to
develop our Philippine assets," commented David R. Robinson, President & CEO.
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,
+1-403-290-1676, or info@forumenergy.com
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