CALGARY, Alberta, Sept. 15 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (FEC) (OTC Bulletin Board: FRUEF) announces that on Friday,
September 12th, 2003 at 1430 hours its subsidiary, Forum Exploration Inc.
(FEI) commenced the drilling of Forum 2-X, a step out well from Forum 1-X
STATEMENT FROM THE PHILIPPINE DEPARTMENT OF ENERGY
The following was released by Mr. Ranilo Abando, Director of the Energy
Resource Development Bureau at the Republic of the Philippines Department of
Energy:
'Forum Exploration Incorporated, operator of Service Contract No. 40
located in Northern Cebu spudded the Forum 2-X well at 1430 hours today,
12 September 2003.
Forum 2-X is a step out well from Forum 1-X, located in Barangay Maya,
municipality of Daanbatayan, Cebu Island. It aims to test further and appraise
the Maya anticline, where oil and gas deposits have been discovered with Early
to Late Miocene reservoirs.
Forum 2-X well is being drilled using the company-owned Hycalog Rig
HH3500, to a proposed total depth of 1,750 feet. It is expected to penetrate
its primary objective, the Late Miocene Malubog formation, and its secondary
objective, the Upper Miocene Maingit formations, with estimated reserves of
0.6 - 3.86 million barrels of oil (MMBO).
It is estimated that Forum 2-X will be drilled in 21 days if dry hole,
and 29 days in case of a completed well.
Forum Exploration, Incorporated is the sole participant in the Service
Contract No.40'.
STATEMENT FROM LARRY YOUELL, PRESIDENT & CEO
'The results of the Forum 1-X well, and the many potential reservoir zones
that were encountered in the sub 1000ft exploration section will now be
further assessed and tested through the drilling of the step out well, our
second since the acquisition of FEI earlier this year.
Forum 2-X will be testing the early to late miocene reservoirs, in a
programme expected to last around 3 - 4 weeks.
Certainly all the signs look very encouraging and we have every confidence
that Forum 2-X will yield positive results, paving the way forward to
aggressively developing the potential reserves in the area, commencing with
both a timely and successful completion of this well.'
On behalf of the Board of,
FORUM ENERGY CORPORATION
"Larry Youell"
Larry Youell
President and CEO
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. Larry W. Youell 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:
Larry W. Youell of Forum Energy Corporation,
+1-403-290-1676, or info@forumenergy.com
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