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Forster Drilling Reports Fiscal Third Quarter 2007 Results

Posted on: Monday, 22 October 2007, 18:00 CDT

Forster Drilling Corporation (OTCBB: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 for the third quarter of fiscal 2006, an increase of 94%.

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.

Forster Exploration and Production, Inc. - Joint-venture participation with our drilling service customers in the exploration, development, and production of oil and gas reserves.

Source: Business Wire

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