CALGARY, Alberta, Nov. 6 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (FEC) (OTC Bulletin Board: FRUEF) announces that on Tuesday,
November 4th, 2003 at 1530 hours its subsidiary, Forum Exploration, Inc. (FEI)
commenced the drilling of Forum-3X, its third well, in Maya, Cebu,
Philippines.
STATEMENT FROM THE DEPARTMENT OF ENERGY
Mr. Ranilo Abando, Director of the Energy Resource Development Bureau of
the Philippine Department of Energy, released the following Bulletin on
November 5th, 2003:
"Forum Exploration Incorporated, operator of Service Contract
No. 40 located in Northern Cebu spudded the FORUM-3X well at 1530 hours
yesterday, 04 November 2003. As of 0700 hours this morning, the well is at a
depth of 140 feet.
Forum-3X is an exploratory well, located in Barangay Maya, Municipality of
Daanbantayan, Cebu Island. It aims to test further and appraise the Maya
Anticline, where gas accumulation has been previously discovered within Early
to Late Miocene reservoirs.
Forum-3X is located 500m southwest of Forum-2X which flowed gas during an
openhole test conducted last 20 October 2003.
The Forum-3X well is being drilled using the company-owned Hycalog Rig
HH3500, to a proposed total depth of 1,800 feet. It is expected to penetrate
its primary objective, the Lower Miocene Malubog Formation, and its secondary
objective, the Upper Miocene Maingit Formation.
It is estimated that Forum-3X 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 Service
Contract no. 40."
STATEMENT FROM LARRY YOUELL, PRESIDENT & CEO
"In view of the encouraging results of our last well Forum-2X, we have
decided to further appraise the Maya discovery by drilling our third well,
Forum-3X.
"Forum-3X is about 100 meters away from the old CMB-2 well, which in
1972 flowed hydrocarbons from a sand reservoir belonging to the Lower Miocene
Malubog Formation at the rates of 106 barrels of oil per day and
70-100,000 cubic feet of gas per day. We expect to penetrate the same
reservoir within the next 2-3 weeks, after which, depending on the results of
the drilling and wireline logging, well testing and completion will be
undertaken. However, finding other potential hydrocarbon-bearing zones are
not being discounted, especially within the Upper Miocene Maingit Formation,
based on our experience in our first two wells.
"Part of the forthcoming plans of Forum for the Maya discovery will be to
conduct multi-well tests involving Forum-3X and the previous Forum-2X and 1X/A
wells. The main objectives of these tests would be to confirm the continuity
of the potential reservoirs within the field and to provide us with better
estimates of the hydrocarbon recoverable reserves, which we presently put at
0.6 to 3.86 million barrels of oil and 4 to 14 billion cubic feet of gas.
"We hope that a successful drilling of the Forum-3X well would pave the
way for increased activities in the area aimed at ultimately putting the Maya
field discovery into production."
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:
Mr. Larry Youell, +1-403-290-1676, or
info@forumenergy.com
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