Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Forster Drilling Corporation, Houston
Fred Forster III, 713-266-8125
Forster Drilling Reports Fiscal Third Quarter 2007 Results
Monday, October 22, 2007 6:00pm E.T
Third Quarter Revenues up 94% to $2,327,631
Houston, Texas October 22, 2007, Forster Drilling Corporation (OTC:BB FODL) today reported results for the three months ended August 31,2007, which is the third quarter of its 2007 fiscal year.
Revenues for the third quarter of Fiscal 2007 grew to $2,327,631, compared to revenues of $1,200,000, an increase of 94%, for the third quarter of fiscal 2006.
Gross profit for the third quarter of fiscal 2007 grew to $1,095,768 compared to a gross profit of $199,950 for the third quarter of fiscal 2006, an increase of 440%.
Operating loss for the third quarter of fiscal 2007 narrowed to $19,813 from a loss of $1,509,417 for the third quarter of fiscal 2006.
Net loss for the third quarter of fiscal 2007 narrowed to $0.03 per diluted share from a loss of $0.06 per diluted share for the third quarter of fiscal 2006.
Forster Drilling Corporation is engaged in three related business activities:
| | · | Forster Drilling, Inc. - Providing contract land drilling services to oil and gas exploration and production companies (E&P). |
| | · | Forster Tool and Supply, Inc. - Fabricates new drilling rig components and assembles them with refurbished components into "like-new", state-of-the-art drilling rigs. Certain components manufactured by the Company are branded as "ForceStar" for which a registered trademark application has been filed. |
| | · | Forster Exploration and Production, Inc. - Joint-venture participation with our drilling service customers in the exploration, development, and production of oil and gas reserves. |
