CALGARY, Alberta, Dec. 8 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of Forum Energy Corporation, by
Larry W. Youell, President and CEO:
FORUM ENERGY CORPORATION (OTC Bulletin Board: FRUEF; Berlin and Frankfurt:
FE8) is pleased to announce the election of Mr. David R. Robinson to the Board
of Directors to serve as President & Chief Executive Officer of the company.
Mr. Robinson was previously past president and CEO of Tracer Petroleum
Corporation between 1/1999 and 6/2002 and Chairman between 6/2002 and 4/2003.
Mr. Robinson has spent over 15 years in both the investment business and
petroleum industry. Previously the President and Chief Executive Officer of
Odyssey Petroleum Corporation and prior to that Executive Vice President of
Arakis Energy Corporation, both Calgary based companies listed on the NASDAQ
stock exchange, Mr. Robinson was responsible for raising over US$200million in
equity capital for these companies. Mr. Robinson is currently also Chief
Executive Officer of Aurado Energy Inc., which is listed on the Toronto Stock
Exchange. Mr. Robinson received his Bachelor's of Science degree in Geology
from the University of British Columbia in Vancouver and his MBA from Queen's
University in Kingston, Ontario.
"We are extremely pleased with the election of David Robinson as the new
President and CEO of Forum Energy," said Larry W. Youell, Chairman of the
Board of Directors. "David is a highly-talented and experienced executive, who
will bring to Forum a wealth of industry experience. His visionary expertise
in management and business development will contribute greatly to our future
success, and I look forward to working again with David as we move into the
next phase of our corporate growth initiative."
ABOUT FORUM ENERGY CORPORATION
Forum Energy is an independent energy company listed on the NASDAQ OTC
Bulletin Board and the Berlin and Frankfurt stock exchanges. 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 a recent assessment by PGS reservoir consultants, the potential NPV of
Forum's petroleum assets were determined to have an upside Net Present Value
of around US$500 million, excluding the recent CMB discoveries.
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. David R. Robinson 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. David R. Robinson of Forum Energy
Corporation, +1-403-290-1676, or info@forumenergy.com
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