CALGARY, Alberta, June 3 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Tracer Petroleum Corporation
(OTC Bulletin Board: TCXXF), by Larry Youell, President and CEO:
Tracer Petroleum Corporation ("Tracer" or the "Company") is pleased to
report that further to the news release of April 01, 2003 the Forum-1X well
(Visayan Basin) onshore Cebu has been drilled to the target depth (TD) of
1000ft.
During the drilling there were positive oil and gas shows. Electrical
Logging which was completed over the weekend indicates there are two potential
reservoir zones and Forum intends to case down to TD before conducting drill
stem tests.
The following bulletin was released yesterday by Assistant Director, Ramon
Allan V.OCA, of the Republic of the Philippines, Department of Energy:
"Over the weekend, Forum Exploration, Incorporated (FORUM) competed the
setting and cementing of the 7-inch casings with the shoe depth set at 994.5
feet. The operator is currently installing the blow-out preventer and will
then drill out cement. FORUM plans to conduct drill stem tests in selected
zones which showed some oil and gas traces during drilling and in possible
reservoir zones as analyzed from electric well logs. The drill stem tests are
aimed at determining the possibility of the zones to produce oil or gas."
On April 28th 2003 Tracer completed the acquisition of 66% of Forum
Exploration Inc.
Larry Youell CEO and Chairman of the Board commented "Given the nature of
these results, this news is clearly very important to both Company and
shareholders. The electrical well logging activities conclude there are
potentially two significant reservoirs in the Forum-1X well. Furthermore this
gives a very positive outlook when considering the future wells we shall be
drilling as part of the program."
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 Mr. Riaz Sumar at (403) 290-1676 "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:
Riaz Sumar of Tracer Petroleum Corporation,
+1-403-290-1676
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