CALGARY, Alberta, July 30 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Forum Energy Corporation, by Larry Youell,
President and CEO:
FORUM ENERGY CORPORATION (OTC Bulletin Board: FRUEF) ("FEC" or the
"Company") is pleased to report the private placement offer made in
conjunction with the acquisition of Forum Exploration Inc. ("FEI") has closed
today, over subscribed.
FEC has raised over US$2.153 million through the issuance of 21,538,295
common shares at a price of US$0.10 per share.
"We are not surprised that the Forum acquisition has attracted such high
levels of interest," said Larry Youell, President and CEO: "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."
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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