Tracer Completes Acquisition of Forum Exploration

Tracer Exploration has completed the planned acquisition of the outstanding shares of Forum Exploration Inc. from Forum Pacific Inc. in Manila Philippines. The acquisition is subject only to final Philippine Government approval which the Company expects to receive shortly.

Drilling operations on the island of Cebu, Philippines have commenced using the Forum Exploration Hycalog 3500 drilling rig. Forum 1-X, the first of three scheduled exploratory wells, has a planned target depth of 1,000 feet and will test the Central Maya Bulge structure which was proven to have oil-bearing sands during previous drilling activity.