CALGARY, Alberta, Oct. 27 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (NASDAQ OTCBB: FRUEF) announced today that it has met admission
requirements and has been accepted for listing onto both the Frankfurt and
Berlin Stock Exchanges. Trading will commence on the 28th October, 2003 under
the symbol FE8 and the German "WKN" cusip number 812470.
"Listing on these Exchanges will increase the profile of Forum Energy with
investors, both institutional and retail, in Germany and across Europe,"
stated Larry W. Youell, President and CEO of Forum. "We have had high levels
of interest expressed from European investors since our acquisition of Forum
Exploration earlier this year, and this opportunity to broaden our shareholder
base comes at an excellent time for the Company as we move into the next phase
of our corporate growth initiative, following the recent onshore gas discovery
in our service contract 40 block last week."
"Forum Energy has an exciting business concept and we firmly believe that
the company will quickly establish awareness throughout Europe through its
market presence in Germany. There has already been a significant level of
interest from Investors who have identified Forum's unique business model
which carries both long-term potential for accelerated revenue growth and
substantial profitability," stated Jan-Eric Soetbeer, President of OTC
Consulting, Germany.
The Frankfurt Stock Exchange is the world's third largest organized
exchange-trading market in terms of turnover and dealings in securities. It
accounts for more than 85 percent of the total securities turnover in Germany
and is the largest of the eight German stock exchanges. It ranks third in the
world behind NYSE and NASDAQ markets. Since the launch of XETRA it has offered
its clients not only floor trading through brokers but also fully-electronic
trading facilities, whereby orders from any point in the globe are
automatically inputted into the order book on the central computer.
The Berlin Stock Exchange has recently joined forces with the NASDAQ
Europe and has the largest market for offshore securities in the world. The
Berlin Unofficial Regulated Market lists over 10,000 international securities
from over 60 countries. This unique variety gives the Berlin Stock Exchange an
unrivaled position -- not only in Germany, but also in the international area.
About Forum Energy
Forum Energy is an independent energy company listed on the NASDAQ
bulletin board. The company owns 66-2/3% of Forum Exploration Inc., a
privately-held Philippine based energy company with a 100% sole participation
in two blocks known as Service Contract 40 and Service Contract 43.
SC40 covers the Northern half of Cebu Island, and a large section of the
Visayan Sea, whilst the SC43 contract is a 480,000 hectare block covering the
whole of Manila Bay, plus an additional area of land in a strip extending
northwards from the Bay and beyond to the Lincayen Gulf.
In an assessment by PGS reservoir consultants, the potential reserves of
SC40 and SC43 were assessed to be around 1 Billion barrels of Oil and 3.8 TCF
of gas with an upside potential NPV of around US$500m (before taking into
account the recent CMB gas discovery)
For more information please visit http://www.forumenergy.com
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 website 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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