CALGARY, Alberta, Feb. 28 /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 further to the company's announcement
of July 29th 2004, the formal award from the Philippine Department of Energy
(DOE) of two Coal Operating Contracts (COC) on the island of Cebu, Philippines
to Forum's 2/3rd owned subsidiary -- Forum Exploration Inc.
The two contracts, located at Balamban-Naga (Central Cebu) and Dalaguete
(Southern Cebu) have estimated proven reserves of around 6 million tons of
high quality coal (12,000BTU) with considerable upside. The production
forecast for the two contracts is for up to 9000 tons per month plateau base
case (within a year) for both licenses.
The COC in Central Cebu is made up of four blocks covering an area of over
4,000 hectares, which is known for the widespread coal bearing Luca Formation
of early-middle Miocene age. The Southern Cebu COC also involves four coal
blocks covering an area of almost 3,000 hectares, which is known for its coal
bearing Calagasan formation of middle Miocene age.
Energy Secretary Vincent Perez said the entry of more investors into the
industry, particularly with the expected rise in coal demand, would "help
reinvigorate the economy."
Mr Perez went on to say "These projects will generate employment in the
areas where they will operate. I hope the optimism in the coal industry will
be sustained to further advance our goal of energy independence through the
use of indigenous resources."
The Philippines is estimated to have 330 million metric tons of coal
reserves. Last year, coal production hit an all time high of 2.7 million
metric tons, 33% higher than the 2003 production of 2.03 million metric tons.
Production from the two licenses is expected to commence this year.
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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