EXHIBIT 99.1


FOR IMMEDIATE RELEASE                     Date:               October 19, 1998
                                          Contact:               Michael Price
                                                       Chief Financial Officer
                                          Phone:                (504) 586-8888
                                          Fax:                  (504) 522-1796
                                          Email:          michaelprice@msn.com



            On October 16, 1998, the Board of Directors of Forman Petroleum
Corporation (the "Company") approved the engagement by the Company of CIBC
Oppenheimer Corp. ("Oppenheimer") as the Company's exclusive financial advisor
in connection with the possible financial recapitalization of the Company (the
"Recapitalization").  

            At the present time, the Company is not a party to any definitive
agreement or letter of intent with respect to any transaction in connection with
the Recapitalization.  In connection with the Oppenheimer engagement, however,
the Company expects to review and conduct investigations from time to time with
respect to such transactions.  It is the Company's policy, absent unusual
circumstances, not to comment publicly on discussions concerning proposals that
may be considered or transactions that may be pending with respect to the
Recapitalization.  The Company also intends, absent unusual circumstances, to
refrain from making any further announcements or reports with respect to the
Recapitalization unless and until a definitive agreement has been executed by 
the Company with respect to a transaction in connection with the  
Recapitalization.  There can be no assurance that the Company will consummate
any transactions in connection with the Recapitalization.  

            Forman Petroleum Corporation is headquartered at 650 Poydras Street,
Suite 2200, New Orleans, Louisiana.