CALGARY, Alberta, July 28 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Forum Energy Corporation, by Larry Youell,
President and CEO:
FORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF) ("FEC" or the "Company") is
pleased to advise the commencement of trading under our new ticker symbol
FRUEF with immediate effect.
"With the new symbol in place we are pleased the transition to our new
Company name and identity is complete," said Larry Youell, President and CEO:
"It's a new dawn and we are now looking forward to aggressively developing
our properties in the Philippines, proving our reserves and generating a
healthy and sustainable cash revenue for the company and our shareholders."
DRILLING OPERATIONS UPDATE
Mr. Youell went on to say: "As reported previously the Forum-1X well was
drilled through the Late Miocene Mangit Formation to 1,010 feet. Oil and Gas
shows were encountered at various intervals during the drilling activity that
were subsequently validated by wireline logs.
"Our operations on the island of Cebu continue to make considerable
progress. Having received approval from the Philippine Department of Energy,
we have now commenced with deepening the Forum 1-X/A well to test the rest of
the Maingit Formation and early Miocene Malubog Formation, which is a proven
oil bearing structure. The well is currently at 1940 feet, an advance of over
100 feet since yesterday, and we anticipate completion of the deepening to
2010 feet or basement by the end of July.
"Forum Exploration is then planning an additional two wells which will be
drilled back to back, further testing the Central Maya Bulge.
"We plan to spud another two wells, as soon as the drilling of 1X/A is
complete; updates will be given, once made available by the Philippine
Department of Energy," Youell stated.
RECENT DEVELOPMENTS
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, Independent petroleum engineers,
have concluded that FEI's petroleum assets have an expected Net Present Value
(NPV) of around US$51 million, with an upside of close to US$500 million.
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
info@forumenergy.com web site http://www.forumenergy.com
SOURCE Forum Energy Corporation
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Related links:
http://www.forumenergy.com
CONTACT:
Mr. Riaz Sumar of Forum Energy Corporation,
+1-403-290-1676 or info@forumenergy.com
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