Forum Provides Operational Update and Reports on Other Corporate Developments

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Forum Provides Operational Update and Reports on Other Corporate Developments
    CALGARY, Alberta, Nov. 27 /PRNewswire-FirstCall/ -- FORUM ENERGY
CORPORATION (OTC Bulletin Board: FRUEF; Berlin and Frankfurt: FE8) announced
today that Forum-3X has now been drilled to its total depth of 1840FT. Oil and
gas shows were indicated at several intervals during the drilling of the well.
Logging is now being conducted prior to well casing and testing.

    FORUM EXPLORATION PRESS RELEASE, NOVEMBER 27th, 2003.
    The following was released today at 1800hrs Manila Time by Mr. Peter S.
Salud, President and CEO of Forum Exploration Inc.
    "The drilling of Forum-3X was completed yesterday to a depth of 1840ft.
During the drilling there were shows indicating the presence of oil and gas.
The well is currently being logged prior to casing and testing of the
prospective hydrocarbon zones. Further information will be released once made
available by the Philippine Department of Energy"

    COMMENT FROM LARRY W. YOUELL, PRESIDENT & CEO
    "The initial results from Forum-3X are encouraging and in line with our
expectations. The logging of Forum-3X will enable us to determine whether the
hydrocarbon zones encountered, form part of the same reservoir as discovered
in our two previous well's Forum 1X/A and 2X. During open hole testing last
month Forum-2X flowed 217,000 standard cubic feet of gas per day through a
half-inch choke"
    "Once the logging of Forum-3X is completed we will be able to provide a
revised estimate on the overall potential reserves of the recently discovered
Maya field, which prior to the drilling of Forum-3X, were estimated at
3.86 million barrels of oil and 14 billion cubic feet of gas, with upside
potential for addition to reserves as we conduct further exploration of the
area"

    OTHER CORPORATE DEVELOPMENTS
    Forum also reports that it is in discussions with certain investors to
complete a possible private placement of units and convertible notes, for
gross proceeds of up to US$2.7 million.  The private placement will likely
consist of up to 8 million units at US$0.25, with each unit consisting of
1 share and 1 two-year share-purchase warrant, as well as up to US$700,000 of
5-year 8% convertible notes convertible into Forum shares at US$0.26 per
share. The proceeds will be used for further working capital and for the
development of the Maya Gas Field. Further details of this potential private
placement will be released as soon as possible.

     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 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
http://www.forumenergy.com
CONTACT:
Mr. Larry Youell, +1-403-290-1676,
info@forumenergy.com, for Forum Energy Corporation