CALGARY, ALBERTA--(Marketwire - Jan. 30, 2013) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce the appointment of Richard Wade as the new President and Chief Executive Officer of Forent, effective mid-February. Mr. Wade takes over from Tom Lester, who has been Chief Financial Officer since September 2008 and was appointed as Interim President and Chief Executive Officer of the Company in August 2010.
Richard Wade, P.Eng., comes to Forent with over 15 years of experience in the petroleum industry. He has a broad range of experience in drilling, completions, oil & gas reserve evaluations and production operations coupled with a strong acquisition and divestiture background. He has used his skill set to drive production enhancement, cost reduction and corporate growth while implementing best practices in several other oil and gas companies.
W. Brett Wilson, Chairman of the Board of Directors of Forent, states, "We are extremely privileged and enthused to have someone of Richard's calibre and pedigree join our Company to lead us into the next stages of our development. This appointment, along with the pending closing of the recently announced sale of our Mervin heavy oil property and equity financing announced below, will help position Forent as an entity with a strong balance sheet and a commitment to growth going-forward. Richard will be a valuable resource and asset to our Company as we move to exploit our significant Montgomery and Alton assets and pursue strategic acquisitions. Forent's Board of Directors is very pleased to welcome him aboard."
Forent is also pleased to announce a proposed non-brokered private placement (the "Offering") of between $1,000,000 and $1,500,000 comprised of common shares in the capital of the Company at a price of $0.05 per Common Share. Up to $500,000 of the Shares will be issued on a flow-through basis pursuant to the Income Tax Act (Canada) ("FT Shares") at a price of $0.06 per FT Share. All securities issued pursuant to this Offering will be subject to a four (4) month hold period. Completion of the Offering is subject to receipt of all required regulatory and Exchange approvals. If the Offering is fully subscribed, there will be 163,849,048 common shares outstanding. The proceeds of the offering, together with the anticipated Mervin property sales proceeds will be used for general corporate purposes including elimination of an accounts payable balance exceeding $1.0 million along with investments in property acquisitions and the Montgomery and Alton Blocks.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond Forent's control, and no assurance can be given that the programs will be completed on time, on budget or at all. In addition, there are numerous uncertainties inherent in estimating reserves, including many factors beyond Forent's control, and no assurance can be given that the indicated level of reserves or the recovery thereof will be realized. Forent undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in Forent's filings with Canadian securities regulators, which filings are available at www.sedar.com.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The flow-through common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.