CALGARY, Alberta, July 21 /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) has completed the
necessary filings to change the name of the company to FORUM ENERGY
CORPORATION ("FEC" or "The Company"), effective immediately.
FEC will continue trading on the NASDAQ OTC:BB under the symbol TCXXF,
whilst the company awaits confirmation of the new ticker symbol.
"Following our recent restructuring and the acquisition of FORUM
EXPLORATION INC, earlier on this year, we felt that it was important to bring
our global operations in line under a single generic title" commented CEO
Larry Youell "We are pleased to have secured FORUM ENERGY CORPORATION as our
new name. The new identity is more relevant to our current operations and will
improve awareness as well as our overall market perception"
ABOUT FORUM ENERGY CORPORATION
FEC is a junior oil and gas exploration and production company with its'
corporate headquarters in Calgary, Alberta, Canada.
FEC has recently come under the control of a new Board of Directors and
management who are laying the foundations for growth based on sound financial
principles and industry awareness. The philosophy of the company is to
maintain low overheads with the majority of investment going directly to field
projects.
Historically, the company has been active in petroleum exploration and
production in both Canada and more recently, Indonesia. However, these
holdings have now been sold, with FEC retaining a 5% carried interest in the
North Tanjung Block PSC. The Company has also recently trimmed its other
projects in order to focus on its significant potential in the Philippines.
In spring 2003 the company completed the acquisition of a 66% interest in
Forum Exploration Inc. (FEI), a well established Philippines based petroleum
exploration and production company with interests in two service contracts
granted by the Philippine Department of Energy; these are SC40 and GSEC92
(under application)
PGS Reservoir Consultants (UK) Limited, a highly regarded independent
international firm of petroleum engineers, has concluded a detailed assessment
of FEI's current petroleum assets with extremely encouraging results. The
expected Net Present Value is US$51 million but the optimistic value is close
to US$500 million.
The first contract SC40 covers the northern half of Cebu Island plus to
the west, a significant part of the Visayan Sea. FEI recently commenced with a
drilling program of on-shore wells in the central Maya bulge utilizing its own
Hycalog HH3500 drilling rig. This is expected to generate sufficient revenue
to maintain a healthy and positive cash flow.
The Libertad gas field also located onshore Cebu has in excess of one
billion cubic feet of proven reserves of gas and will be developed over the
coming months for power generation or direct production of compressed natural
gas (CNG) for the local market. Philippine National Oil Company (PNOC) has
expressed interest as a potential partner for this area and discussions are
currently being held for this to proceed to the next stage.
A significant part of the SC40 contract is the Central Tanon prospect,
which is expected to be both a vast and profitable offshore oil and gas field.
A focal point of the Company for the coming year will be the Manila Bay
and Central Luzon, contract, (GSEC92 - under application) which covers the
whole onshore and offshore area of Manila Bay, plus a portion of the
contiguous landward area of Luzon Island including most of Metro Manila, and
an additional strip of land from the Bay and beyond the Lingayen Gulf,
exceeding '500' million hectares in total.
The contract has two prospective offshore gas fields that require the
reprocessing of existing seismic data and acquisition of new High Resolution
2D seismic, which is due to start later this year.
The fields are in close proximity to an existing gas market and the area
as a whole could contain in excess of one trillion cubic feet of recoverable
natural gas which could be readily developed particularly as the water depth
in Manila Bay is very shallow and the technology to exploit gas reserves in
such locations is well established.
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" info@forumenergy.com or web site, http://www.forumenergy.com.
SOURCE Tracer Petroleum Corporation
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Related links:
http://www.tracerpetroleum.com
CONTACT:
Riaz Sumar, Corporate Secretary,
+1-403-290-1676, or info@forumenergy.com
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