Forum Prepares to Begin Production Testing on Maya Wells

Forum Energy reports its subsidiary and sole operator of Service Contract 40, Forum Exploration, Inc., is preparing to conduct production tests of its three wells in Maya, Daanbantayan, Cebu located in the Philippines within the first quarter of 2004.

The three wells, named Forum-1X, 2X, and 3X, encountered good oil and gas shows during drilling in 2003. Several intervals have been identified based on rock samples and wireline logs which could be potential zones for drill stem tests. The wells were drilled using the company-owned Hycalog Rig HH3500.

Forum Exploration is currently finalizing the testing and completion program for each well and has started reviewing the proposals submitted by local and foreign contractors. The program will commence on the Forum-2X well, which flowed up to 217,000 cubic feet of gas through a half-inch choke during an openhole test conducted last October 2003.

The planned multi-well tests are aimed at confirming the producibility and continuity of the reservoirs within the Maingit and Malubog Formations. A re-evaluation of the Maya area will be undertaken next to determine whether the oil and gas finds can be developed commercially.