Forent Energy Ltd.
TSX VENTURE : FEN

Forent Energy Ltd.

January 20, 2014 09:00 ET

Forent Appoints Chief Financial Officer, Updates Financing Activities

CALGARY, ALBERTA--(Marketwired - Jan. 20, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Forent Energy Ltd. ("Forent" or the "Company") (TSX VENTURE:FEN) is pleased to announce the appointment of Mr. Brad R. Perry, CMA, as Chief Financial Officer of the Company. Mr. Perry will be responsible for the Company's finance, accounting, administration and risk management activities.

Mr. Perry is a Certified Management Accountant with a Bachelor of Commerce degree from Saint Mary's University in Halifax, Nova Scotia. He has 23+ years of oil and gas experience including 16+ years as the CFO of several junior oil and gas exploration and development companies listed on the TSX and TSX Venture Exchanges. Notably, Corridor Resources Ltd. in Halifax and, most recently, Tuscany Energy Ltd. in Calgary. Mr. Perry brings significant governance, strategy, reporting, analysis and M&A experience to Forent.

Management Comments

Mr. Richard Wade, Chief Executive Officer of Forent, comments, "We are excited about the exploration well at Montgomery, slated for spud by the end of February, which has significant upside potential for the company. The well will be 100% funded by our farm-in partner. We are also focused on the growth potential of Forent's new oil producing assets at Wayne, Twining and Provost acquired in October 2013. The addition of Mr. Perry to the management team gives us the financial oversight needed to prudently manage our expanded capital program."

Private Placement Update

Forent is currently undertaking two non-brokered private placements, on offer: up to $395,000 of 2014 CEE flow-through at 10 cents per share and up to $500,000 of common shares at 8 cents per share. Both private placements will close on or before January 29, 2014. A 5% cash commission will be paid for broker participation in either placement.

The private placements are subject to applicable regulatory and TSX Venture Exchange approvals and completion of definitive documentation. Common shares issued under the private placements will be restricted from resale for a four month period from closing pursuant to Canadian securities laws.

Forent has approximately 181,565,715 common shares issued and outstanding which trade on the TSX Venture Exchange under the symbol "FEN".

ADVISORY: Certain information in this news release, including the anticipated closing of the Private Placement, the use of the proceeds to incur Canadian Exploration Expenses (CEE), and the drilling of wells at the Company's Wayne, Twinning and Montgomery properties, constitute forward-looking statements under applicable securities laws. Although Forent believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Forent can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the Private Placement could be delayed if Forent is not able to obtain the necessary stock exchange approval on the timeline it has planned. The Private Placement will not be completed at all if this approval is not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Private Placement will not be completed within the anticipated time or at all. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

NEITHER 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 RELEASE.

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