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FORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF, Frankfurt/Munich: FE8) (“Forum” or “The Corporation”) announces that on the 24th May 2005 the company closed a convertible debenture financing for proceeds of US$970,000 before expenses.

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FORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF, Frankfurt/Munich: FE8) (“Forum” or “The Corporation”) announces the following board changes:

The following members have resigned from the Corporation’s board of directors and have assumed the same respective positions on the board of Forum Energy Plc; David Robinson, Chief Executive Officer and David Thompson, Chief Financial Officer. Barry Stansfield has also been appointed a Director of Forum Energy Plc.

Following these resignations Mr. Larry Youell, previously Chairman of the board, has been appointed President and Chief Executive Officer, and Barry Stansfield, previously a director, has been appointed non-executive Chairman. Mr. Riaz Sumar has been appointed Chief Financial Officer and director. In addition Mr. Robert J. Lynch Jr and Dr. Walter W. Brown have joined the board as non executive directors.

Mr Riaz Sumar is a resident of Calgary and has extensive financial experience of public companies and was previously financial controller of Forum Energy Corporation 1996 – 2003. Currently also CFO of TransAKT Corporation and previously CFO of Toronto Stock Exchange (TSX) listed North American Gem Inc. He received his Honours Bachelor of Science degree from the University of British Columbia in 1990 and received the designation of Certified General Accountant in 1997.

Dr. Walter W. Brown is a resident of the Philippines and has extensive experience in both running public companies and the resources sector. He is currently also the Chairman of the Board and President of TSX listed Philex Gold Inc. as well as Chairman and Chief Executive Officer of Philippine Stock Exchange listed Philex Mining Corporation.

Mr. Robert J. Lynch Jr. is a resident of New York, USA and has a wealth of business experience spanning over 30 years, including both mining and natural gas projects. Currently Mr Lynch is President of American & Foreign Enterprises Inc. and President and Director of Lynch Farms Inc. and has extensive experience of quoted companies. He was previously director of NASDAQ listed Hadron, Inc. NYSE listed Dames & Moore and a Director of NASDAQ listed Data Broadcasting Corporation.

“I am delighted to welcome Mr. Riaz Sumar, Dr. Walter Brown and Mr. Robert Lynch to the board of directors. Each of these individuals bring to the board a wealth of experience in the resources sector, and expertise in running quoted companies” Commented Larry W. Youell, President & CEO “In addition I would like to thank Mr. David Robinson Mr. David Thompson for their service to the company and wish them every success serving as CEO and CFO respectively on the board of Forum Energy PLC”

The Board of directors of the Corporation is therefore now as follows:

Barry Stansfield – Chairman
Larry W. Youell – Chief Executive Officer
Riaz Sumar – Chief Financial Officer and Director
David Wilson – Director
Dr. Walter W. Brown – Director
Robert J. Lynch - Director

On behalf of the Board of,

FORUM ENERGY CORPORATION

“Larry W. Youell”

Larry W. Youell

President and CEO

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FORUM ENERGY CORPORATION (NASDAQ OTCBB: FRUEF, Frankfurt/Munich: FE8) (“Forum” or “The Corporation”) announces that through resolutions passed at the Corporation’s EGM held on the 18th May 2005, Forum has received the necessary shareholder approvals for the transfer of its 66.67% interest in Forum Exploration Inc. (“FEI”) to a newly formed UK company named Forum Energy Plc (“FEP”). Over 82% of the issued and outstanding shares voted at the meeting and approximately 99.7% of the votes cast were in favour.

In conjunction with the transfer of the FEI asset to this new company, Sterling Energy’s GSEC101 Gas asset has also been transferred to FEP through an agreement with the AIM listed UK Company. Sterling is one of the world’s fastest growing Oil and Gas companies and has a current market capitalisation of over US$400m. The GSEC101 license contains the Sampaguita gas discovery - the potential gas reserves of the Sampaguita field have been assessed by PGS reservoir consultants (UK) Limited to be approximately 2.3 TCF (trillion cubic feet).

Following these asset transfers and a recently committed pre-IPO financing for FEP of approximately US$6.2m, Forum holds a 57.9% interest in the new company whilst Sterling holds 23.2%. FEP will subsequently apply for admission to the Alternative Investment Market (AIM) of the London Stock Exchange in conjunction with a second round IPO financing estimated to raise approximately US$27m of additional funds.

Potential unrisked reserves estimates for the seven prospects and three discoveries within the licences held under the newly formed company (Forum Energy Plc) total some 900 mmbbls in the oil case or 5,500 BCF in the gas case. On a risked basis, estimated potential reserves from the three discoveries sum to 2,330 BCF of gas and estimated risked reserves from prospects within the licences sum to 93 mmbbls or 320 BCF in a gas case. Proven and probable coal reserves are 4.9 million tonnes.

“This transaction will deliver accelerated growth and value to both the company and our shareholders. Not only will the FEI assets receive fast-track development as a result of the considerable investment from London-based institutional investors, but the company will also additionally benefit from exposure to the potentially world class GSEC101 asset. FEP has already received commitments for approximately US$6.2m and an aggressive work program in the Philippines is underway commencing with a seismic survey of the Central Tañon prospect offshore SC40. Updates on the operations in the Philippines will be released on an ongoing basis by FEP and in turn by Forum Energy Corporation” commented Larry W. Youell, President & CEO

Forum Energy Corporation’s investors will be able to keep up to date with the operations of Forum Energy PLC through the company’s corporate website at www.forumenergy.com. In addition there will be a link to the new website of Forum Energy PLC in the coming weeks.

For further information please contact Larry W. Youell, President & CEO, at (403) 290-1676 or email enquiries@forumenergy.com

On behalf of the Board of,

FORUM ENERGY CORPORATION

“Larry W. Youell”

Larry W. Youell

President and CEO
 
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