Forum Lists on the Frankfurt and Berlin Stock Exchanges
27 October 2003 - 5:21PM
PR Newswire (US)
Forum Lists on the Frankfurt and Berlin Stock Exchanges 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 or visit the Forum Energy website at
http://www.forumenergy.com/ DATASOURCE: Forum Energy Corporation
CONTACT: Larry Youell of Forum Energy Corporation, +1-403-290-1676
or Web site: http://www.forumenergy.com/
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