CALGARY, Alberta, Aug. 27 /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 (OTC Bulletin Board: FRUEF) (FEC) wishes to
report that its subsidiary, Forum Exploration Inc. (FEI) has signed a data
sharing agreement with Basic Consolidated Inc., a leading Philippine petroleum
exploration and production company, listed on the Philippine Stock Exchange
(PSE) under the symbol BCI.
This agreement will grant FEI full access and co-ownership of information
on oil exploration prospects not presently covered by existing SC&GSEC
contracts with the government of the Philippines.
iBasic, Inc., a subsidiary of BCI, will digitise and warehouse the data,
in conjunction with the new Basic JV technical unit of FEI.
"This joint venture agreement (JVA) puts us in a unique position. At a
moment in time where the oil & gas industry in the Philippines is going
through a major overhaul, this agreement couldn't come at a more important and
beneficial point. The Government is at a defining moment -- improving
transparency of the business, and attracting foreign investment through
initiatives such as the first ever Philippine Public Contracting Round (PCR-1)
which took place earlier on this month," commented CEO Larry W. Youell.
Youell continued, "This means that not only are we going to benefit from
huge amounts of data for our in house purposes, but also from the fact we will
now become a co-vendor of such data to potential local and foreign investors
and consortiums.
"With big players moving in to the area, after the huge success of the
Malampaya project, and with these recent Government initiatives, we will be
able to offer something of real substance to oil companies wishing to
establish themselves in this part of the world.
"The data will serve as a ready reference in assessing the prospectivity
of oil exploration projects, and more importantly will shorten the period for
technical studies, and we look forward to a fruitful and rewarding
relationship with our new technical partners."
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:
Riaz Sumar of FORUM ENERGY CORPORATION,
+1-403-290-1676, or info@forumenergy.com
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