CALGARY, Alberta, Feb 9 /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, Frankfurt/Munich:
FE8) ("Forum" or "The Company") reports the signing of a Heads of Agreement
("HOA") for the purchase of an offshore petroleum license in the Philippines.
The HOA is with a UK-based Oil & Gas Company and is subject to the execution
of definitive agreements by the end of February 2005, and to the extent
required, approval of regulatory authorities. Forum will provide updates as
necessary.
In view of the potential acquisition of additional petroleum licenses in
its current region of operations, Forum has decided not to pursue its
previously announced acquisition in Tunisia and has therefore allowed the
Memorandum of Understanding to expire at no cost to the company. Forum will
instead remain focused on the development of its projects in the Philippines.
Forum also reports that it has granted a total of 10.6 million additional
options under the Company's stock option plan.
On behalf of the Board of,
FORUM ENERGY CORPORATION
"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
enquiries@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 enquiries@forumenergy.com
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