HOUSTON, Feb 20, 2007 -- Forster Drilling Corporation (OTC BB:FODL.OB - News), a Nevada Corporation (the "Company"), announced that it has entered into a multi-well daywork contract with Ridgeway Petroleum Corporation of Houston (RGW.V) to drill wells in the St. John Field. The St. John Field located in Eastern Arizona and Western New Mexico is the largest known undeveloped CO2 resource in North America. Ridgeway controls the St. John Field with approximately 200,000 acres under lease. Forster is in the process of custom building a Rig to Ridgeway's specifications. Forster anticipates deploying the Rig on or before the end of this week.
Forster Drilling Corporation is engaged in three related business activities:
-- Providing contract drilling services to independent oil and gas exploration and production companies;
-- Acquiring and rebuilding rotary drilling rigs and manufacturing major rig components; and
-- Exploring for, development, production, and sale of oil and natural gas.
As a drilling contractor, the Forster family has a reputation for reliability, high-quality equipment, and well-trained crews spanning 3 generations and over 75 years.
Additional information about Forster Drilling Corporation and its technology can be found on its website at www.forsterdrilling.com or contact Forster Drilling Corporation at (713) 266-8125.
Notice: This Statement contains, and oral statements made from time to time by Company representatives concerning information contained herein may contain, so-called "forward-looking statements." These statements can be identified by introductory words such as "expects," "plans," "will," "estimates," "forecasts," "projects" or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Forward-looking statements frequently are used in discussing the Company's growth strategy, operating and financial goals, regulatory submissions and approvals and development programs. Many factors may cause actual results to differ from the Company's forward-looking statements, including inaccurate assumptions and a broad variety of risks and uncertainties, some of which are known and other of which are not. No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
SOURCE: Forster Drilling Corporation
For Forster Drilling Corporation: The Buick Group, Toronto
Jonathan Buick
1-877-748-0914 (toll free)
Office: 416-915-0915
Fax: 416-915-0916
jbuick@buickgroup.com
http://www.buickgroup.com
