CALGARY, Alberta, Aug. 26 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Forum Energy Corporation, by Larry W.
Youell, President and CEO:
FORUM ENERGY CORPORATION (FEC) (OTC Bulletin Board: FRUEF) wishes to
announce that its subsidiary Forum Exploration Inc. (FEI) has completed the
deepening of Forum 1-X/1-XA to the total depth (TD) of 2000ft. The well
encountered over 100ft of sandstones that flowed oil and gas through the
flow-lines during the deepening.
Based on the results of 1-X it has been decided, that a step out well,
Forum 2-X will now be drilled. The drilling of the Forum 2-X well has been
approved by the Philippine Department of Energy (DOE).
"During the deepening of the 1-X/A well, over 100 feet of oil bearing
sands were encountered from 1520ft to 1700ft. Other potential reservoirs
could be present from 1000ft and 1450ft," commented by Larry Youell, President
and CEO.
"All drilling requirements have been purchased and are now in Cebu,
Philippines, enabling the drilling of Forum 2-X to start. FEI plans to
conduct an Extended Production Test (EPT) to determine the commercial
viability of the project." Youell continued: "Furthermore, preparations have
already begun for the CMB-5 well, which will be drilled immediately after 2-X.
The location of CMB-5 is only 400 meters from the 1-X and 2-X sites. The
CMB-5 well is close to the old CMB-2 drilled in the 1970's. The CMB-2 well
flowed over a hundred barrels of oil per day at shallow depths."
The company's CEO concluded, "There is now a detailed roadmap for the
development of this area which has been agreed with the Philippine DOE. We
are happy with the results so far, but remain focused on the urgent need to
complete 2-X, CMB-5 and possibly CMB-6 so that we may ascertain the potential
of producing crude oil by the end of the year."
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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