CALGARY, Alberta, June 16 /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 (OTC Bulletin Board: TCXXF) ("Tracer" or the
"Company") is pleased to report that further to the news release of June 03,
2003 Forum-1X well has been drilled through the Late Miocene Maingit Formation
to the present depth of 1,010 feet. Oil and Gas shows have been encountered
at various intervals during the drilling activity that were subsequently
validated by the results of the wireline logs. The well has been cased in
preparation for further drilling as approved by the Philippine Department of
Energy.
"The plan in the immediate future is to deepen the well for another
1,000-1,500 feet, which may be extended further depending on the hydrocarbon
shows we encounter. The deepening program is expected to test the rest of the
Maingit Formation and possibly the early Miocene Malubog Formation that is
likewise a proven oil bearing structure. A series of Drill Stem Tests will
commence once the deepening is completed," commented Larry Youell, President
and 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 Mr. Riaz Sumar, Corporate Secretary, 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, Corporate Secretary of Tracer
Petroleum Corporation, +1-403-290-1676, or
tracerinfo@tracerpetroleum.com
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