CALGARY, Alberta, April 1 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Tracer Petroleum Corporation, by
Larry W. Youell, President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company") wishes to report
on news that has been released by the Republic of the Philippines, Department
of Energy, confirming that drilling has commenced by Forum Exploration Inc.
("Forum") on a new exploration well, Forum 1-X, on March 31, 2003. Tracer is
in the process of acquiring 66 2/3% of Forum, subject to the completion of due
diligence, as per the news releases of February 26, 2003, and March 26, 2003.
The well is located in Barangay Maya, Daanbantayan, Cebu and will be
drilled to a depth of 1,000 feet using Forum's wholly-owned Hycalog HH3500
drilling rig, as part of a commitment to the Department of Energy (DOE) under
Service Contract No. 40. It will test the Central Maya Bulge structure which
was proven to have oil-bearing sands during previous drilling activity.
Forum 1-X is located close to the old MST-11 well, which flowed 540 boe
during a test conducted by American Asiatic Oil Company (AAOC) in 1961. Other
subsequent wells drilled in the 1960's and early 1970's by AAOC and by China
National Petroleum Company of Taiwan also reported to have flowed oil on test,
but sustained production at commercial rates was never established.
Aside from Service Contract No. 40, Forum's exploration program includes a
new GSEC (currently being processed by the DOE) covering a total lease area of
1.28 million hectares in Manila Bay and West Central Luzon. Forum's continued
interest in the area was brought about by the encouraging findings of a recent
independent study by leading international petroleum consultancy firm, PGS
Reservoir Consultants (UK) Ltd. of England.
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 investor information please contact Larry Youell, CEO, at
250-491-7783, or the Company headquarters: TRACER PETROLEUM CORPORATION,
Suite #1113 Laval Avenue S.W., Calgary, AB, T2T 1L2 Canada.
Phone: 403-290-1676 or Fax: 403-264-5285, "e-mail"
tracerinfo@tracerpetroleum.com or web site, http://www.tracerpetroleum.com
SOURCE Tracer Petroleum Corporation
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Related links:
http://www.tracerpetroleum.com
CONTACT:
Larry Youell, CEO of Tracer Petroleum
Corporation, +1-250-491-7783
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