Forent Energy Ltd.

Forent Energy Ltd.

December 21, 2010 13:27 ET

Forent Energy Announces Close of $2 million Non-Brokered Financing and Increase in W. Brett Wilson's Ownership to Sixteen Percent

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2010) - Forent Energy Ltd. ("Forent" or the "Company") (TSX VENTURE:FEN) is pleased to announce the closing of the third and last tranche of its previously announced flow-through share financing. As at December 21, 2010, an additional 2,894,444 common shares of the Offering were issued to Alberta resident subscribers for aggregate proceeds of $521,000. In total, an aggregate 11,111,111 shares have been issued to subscribers to this Offering, for total aggregate proceeds of $2,000,000.

Insiders of the Company purchased a total of 21% of the shares issued in the placement, of which W. Brett Wilson, Chairman of Forent Energy, subscribed for 2,138,844 shares (19% of the total offering), increasing his ownership of the Company to 16,654,299 shares or 16.2% of the total issued and outstanding shares (non-diluted).

The securities issued in the Offering will be subject to a hold period of four months plus one day from closing. 

Proceeds from the Offering will be used for exploration and development of the Company's lands in western Canada and Nova Scotia. 

Shares of Forent trade on the TSX Venture Exchange under the symbol "FEN.V".

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 such as the estimates of reserves, the references to Forent's exploration program and drilling program and capital expenditures relating to, and timing of, such programs 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

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.

Contact Information