CALGARY, May 17 /PRNewswire-FirstCall/ -- FORUM ENERGY CORPORATION
(OTC Bulletin Board: FRUEF; Frankfurt/Munich: FE8) ("Forum" or "The Company")
is pleased to announce the completion of the purchase of The Manguerra Mining
and Development Corporation of Cebu, Philippines (Manguerra)
As reported on 7th April 2004, Manguerra has proven coal reserves of some
7 million tons and an additional probable and possible 12 million tons.
Detailed Technical and Financial feasibility studies on the Manguerra
licenses were conducted on behalf of The Asian Development Bank in 1998 and by
The Xuzhou Coal Mining Bureau of Jiangsu Province, China in 1989.
Energy Services Group (ESG) Dubai (http://www.esgdubai.com) who are presently
overseeing the Company's exploration and development efforts, are currently
compiling a detailed development plan for the property, and it is expected
that production will shortly be increased from present production levels of
around 2000 tons per month.
"This purchase is extremely significant for the company and its
shareholders -- we are now an active producer of Coal in the Philippines, and
will begin supplying local customers this month. Assuming the continuation of
current production levels of 2000 tons/month, we estimate Manguerra will
initially generate revenue of around US$80,000 per month and we expect
production to rise by the end of 2004," commented David Robinson, CEO of Forum
Energy Corporation.
OTHER CORPORATE NEWS
Forum Energy has ceased trading on The Berlin Stock Exchange. The decision
to delist from Berlin was made after a review of the exchange rules -- which
do not comply with Forum's internal standards, specifically due to the
allowance of the practice of Naked Short Trading. Forum believes that the
relentless pressure on the company's share price in recent weeks in light of
positive developments may have been caused by this practice.
European Investors will continue to be able to trade Forum shares at
Frankfurt and Munich (under the symbol "FE8"), where such trading practices
are not permitted,
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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