CALGARY, Alberta, May 6 /PRNewswire-FirstCall/ -- FORUM ENERGY CORPORATION
(OTC Bulletin Board: FRUEF; Berlin/Frankfurt/Munich: FE8) ("Forum" or "The
Company") announced today that it has entered into an agreement with Energy
Services Group (ESG) Dubai (http://www.esgdubai.com), for the ongoing management and
oversight of the Company's exploration and development efforts.
ESG has prepared the 2004 Work Program and Budget for Forum's operating
subsidiary, Forum Exploration Inc. The budget is for a total of US$4.36
million, and includes the further exploration and development of the Company's
Cebu Island contract (SC40) as well as Manila Bay (SC43), and specifically
includes the development of the newly-discovered Maya Field and the Libertad
Gas Field
This budget also includes funds for the initial assessment work required
for the Manguerra coal mining operations, where as recently announced previous
studies indicate proven coal reserves of 7 million tons and additional
possible reserves of 12 million tons of high quality steam coal. A separate
work program and budget will be constructed to encompass both the full
development of the Manguerra operations and in addition the potential
acquisition of other coal mining projects in the Philippines. Finally, the
budget includes some initial development work on a potential producing oil and
gas project that the Company is investigating in Indonesia.
The majority of the 2004 Work Program and Budget will be covered through
the US$20 million financing that is being arranged through AIAK Swiss in Kuala
Lumpur, as per the press release of April 22nd 2004.
ABOUT ENERGY SERVICES GROUP (ESG) DUBAI
ESG is made up of 10 petroleum industry professionals whose expertise
ranges from geophysics to reservoir management to health, safety, and
environment management. Project leader for Forum's operations will be Peter
Bradley, who is a graduate from the University of Hull, UK, and has more than
30 years experience in the international oil industry. During the 1970's, as
a petroleum geologist then petroleum engineer, he worked on upstream projects
in many parts of the world. Throughout the 1980's he was Operations Manager
with Pennzoil where he managed six joint ventures with 22 exploration and
production licenses on the Dutch Continental Shelf. In 1990, he became
Technical Manager with Clyde Petroleum PLC, recognized as one of the most
efficient operators in the Netherlands. He was responsible for the start-up
of joint venture programs for Clyde Petroleum in Yemen and for Lone Star
Energy in Morocco. He has also managed major field development programs in
India and Turkmenistan for Command Petroleum and Dragon Oil respectively. Mr.
Bradley was responsible for the fast tracking of wells in India and Bangladesh
as Group Drilling Manager for Cairn Energy where he also reorganized Cairn's
jack-up re-build program ensuring its successful completion.
STATEMENT FROM DAVID R. ROBINSON, PRESIDENT & CEO:
"We are delighted to have engaged ESG Dubai to oversee the exploration and
development of our projects, and subsequently to have finalised our 2004 work
programme. ESG's reputation is impeccable and Peter Bradley, Forum's new
Project Leader, brings to the company considerable expertise and experience in
the field of international petroleum exploration and development
Our work programme is designed to aggressively exploit the 907 Million
barrels of Oil and 3.8 TCF of Gas potential of our existing petroleum
contracts, as well as the 19 Million tons (7 Million proven) potential coal
reserves from Manguerra Mining.
With the ever increasing demand for coal, not only in the Philippines, but
many other Asian countries, particularly China, the Company will be looking at
further acquisitions and will be releasing more information when available."
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
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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