Forent Energy Ltd.

Forent Energy Ltd.

February 22, 2012 10:24 ET

Forent Energy Announces Spudding of Onshore Nova Scotia Exploration Well and Closing of $400,000 Private Placement with Participation by W. Brett Wilson

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2012) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce that it initiated drilling of its first exploration well, Alton #1, on February 14th near the town of Stewiacke, Nova Scotia. This is the first of a likely multiple well program on the 500,000 acre Alton Block. As of today the well is drilling ahead at 670 metres towards a target depth of approximately 900 metres. Further information will be press released when available.

In addition the Company has successfully completed a non-brokered private placement of 525,000 Common Shares issued on a "flow-through" basis (the "FT Shares") at a price of $0.16 per FT Share and 2,430,769 units of the Company ("Units") at a price of $0.13 per Unit, each Unit consisting of one common share (a "Common Share") in the capital of the Company and one half (1/2) a Common Share purchase warrant ( a "Warrant"), each whole Warrant being exercisable for one (1) Common Share of the Company at a price of $0.20 per share until August 22, 2013 (the "Offering"), for total gross proceeds of $400,000.

Mr. Wilson currently owns 15.6% of Forent Energy Ltd. and purchased approximately 27% this Offering.

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

The Offering is subject to applicable regulatory and TSX Venture Exchange approval and completion of definitive documentation. Proceeds from the Offering will be used for the exploration and development of the Company's lands onshore in Nova Scotia and Western Canada.

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

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.

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