CALGARY, Alberta, Oct. 16 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (NASDAQ OTCBB: FRUEF) announced today the commencement of the open
hole testing program at exploration well Forum-2X at Maya, Cebu, Philippines.
STATEMENT FROM THE PHILIPPINE DEPARTMENT OF ENERGY
The following announcement was released by Mr Ranilo Abando, Director of
the Energy Resource Development Bureau at the Republic of the Philippines
Department of Energy on October 16th, 2003:
"Forum Exploration Incorporated has recommenced their drilling operations
at Forum-2X well early this week. The operator has cemented the 7 inches
casing shoe yesterday and is currently waiting for the cement to cure prior to
drilling out the same. Forum is planning to conduct an open hole testing at
the four (4) sections between depth intervals 1,206ft to 1,610 feet.
Petrophysical data gathered during the logging operations indicate some
sections with possible hydrocarbon accumulations, which Forum is interested to
test. Meanwhile the operator is waiting for the arrival of materials needed in
their planned open hole testing operations at the Forum-2X well."
STATEMENT FROM LARRY W. YOUELL, PRESIDENT & CEO
"The logging of Forum-2X indicated a possible total of some 80 ft. of
potential hydrocarbon pay zones in sandstones and limestone layers in four
separate intervals below the 7inch casing, being between 1,213 ft. and 1,610
ft.
"The proposed open hole testing about to commence will provide the Company
with valuable data on the drilled prospect and the potential flow rates of oil
and gas in the reservoirs as identified from the well logs.
"The open hole testing program will be conducted over the next 7 days of
operations at exploration well Forum 2X.
"The additional potential hydrocarbon bearing zones identified and behind
the 7inch casing from 714 ft. to 1,213 ft. are intended to be perforated and
tested at a later date."
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 Youell at (403) 290-1676 e-
mail info@forumenergy.com or visit the Forum Energy web site at
http://www.forumenergy.com
SOURCE FORUM ENERGY CORPORATION
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Related links:
http://www.forumenergy.com
CONTACT:
Larry Youell of FORUM ENERGY CORPORATION,
+1-403-290-1676 or info@forumenergy.com
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