Forent Energy Ltd.

Forent Energy Ltd.

February 10, 2011 07:00 ET

Forent Energy Announces Positive Results of Nova Scotia Gravity Gradiometry Survey & Options Grant

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2011) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to provide the following update on its oil exploration efforts in Nova Scotia.

During the third and fourth quarters of 2010 the Company engaged ARKeX Limited to conduct a high resolution 890 km2 geophysical imaging program, consisting of gravity gradiometry as well as magnetic and Lidar datasets over the Alton Block. This program was designed to identify possible subsurface Gays River reefal structures which are anticipated to be hydrocarbon bearing. Interpretation of the gravity gradiometry data has identified over sixteen anomalies which will be delineated further with a 125 km 2D seismic program to be acquired in the summer of 2011. The new gravity anomalies demonstrate similar geometries to modern reefs and exhibit areal extents comparable to Gays River reefs as already mapped at outcrop and near surface on the Alton concession and as identified in the 2008 Sproule Associates resources assessment of the Alton Block.

The use of the gravity gradiometry has proven to be a very cost effective method of imaging the entire subsurface of the Shubenacadie sub-basin and will allow efficient placement of the 2D seismic lines greatly minimizing cost and landowner impact.

To see the image of the 3D Perspective View of Gravity Gradiometry Anomalies see the weblink below:

Additional information related to the findings of the gravity gradiometry survey can be found on the Company's website specifically under Presentations – Corporate Presentation – February 2011.

The Company also announces, subject to the stock option plan, the grant of 2,760,000 stock options to certain directors, officers, employees and consultants. The options vest over a 2 year period, are exercisable at a price of $0.25 per share and expire in February 2016. The shares issuable upon exercise of the options may not be traded for 4 months and one day from the date of grant. The Company has also amended 2,118,519 options issued to directors, officers, employees and consultants of the Company in October 2007 and 1,863,889 options issued in October 2008, all with an exercise price of $0.49 per share, by reducing the number of options issued in such grants by 50%, reducing the exercise price of the options and extending the expiry date. By virtue of the amendment, there are now an aggregate of 1,889,355 options issued under the grant with an expiry date of February 2016 and an exercise price of $0.25 per share. The amendment is subject to disinterested shareholder approval, to be sought at the next annual general meeting of the shareholders of the Company and the approval of the TSX Venture Exchange.

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