Seriatim Ventures Inc.
TSX VENTURE : STV.P

Forent Energy Inc.

Forent Energy Inc.

December 19, 2008 15:04 ET

Forent Energy Inc. Announces Completion of Qualifying Transaction

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2008) - Forent Energy Inc. (the "Corporation") (TSX VENTURE:FEN), formerly Seriatim Ventures Inc. (TSX VENTURE:STV.P) ("Seriatim"), a capital pool company, is pleased to announce that it has completed its previously announced acquisition (the "Acquisition") of all of the issued and outstanding shares of Forent Energy Ltd. ("Forent"), a private Alberta company actively engaged in oil and gas development and exploration activities onshore in Nova Scotia and in Alberta. The Acquisition constituted the Corporation's Qualifying Transaction as defined in the policies of the TSX Venture Exchange Inc. ("TSXV"). The Qualifying Transaction was completed on December 18, 2008.

Pursuant to the terms of the amalgamation agreement dated October 15, 2008, Seriatim created a wholly-owned subsidiary (the "Subsidiary") and Forent and the Subsidiary amalgamated and continued as a new corporation ("Amalco"). Rather than receiving shares of Amalco, the shareholders of Forent instead received 5.5 common shares of the Corporation ("Common Shares") for each issued and outstanding Forent share owned. The Corporation also issued replacement stock options and common share purchase warrants for the existing Forent stock options and common share purchase warrants based on the same exchange ratio (5.5 for 1) and the exercise or conversion prices of such convertible securities were amended accordingly, while all other terms (i.e. vesting provisions, expiry dates, etc.) remain identical to the terms originally granted by Forent.

Immediately after completion of the Acquisition, the Corporation consolidated all of its outstanding securities on a 2.7 for 1 basis and changed its name to "Forent Energy Inc.". As a result, after giving effect to the Acquisition and the consolidation, an aggregate of 49,872,476 Common Shares are issued and outstanding, of which approximately 47,539,146 or 95.3% are owned by former Forent shareholders. In addition, the Corporation now has outstanding common share purchase warrants to purchase up to 1,926,104 Common Shares at prices ranging from $0.49 to $0.54 per share, stock options to purchase up to 7,322,222 Common Shares at prices ranging from $0.49 to $0.54 per share and charitable options to purchase up to 23,332 Common Shares at a price of $0.54 per share.

The Corporation has an aggregate of 31,784,258 Common Shares subject to escrow, of which 30,932,406 Common Shares are subject to a TSXV Surplus Security (Tier 1) escrow agreement entered into upon completion of the Qualifying Transaction, and the balance of 851,852 Common Shares are subject to a TSXV CPC Escrow Agreement entered into upon closing of the Corporation's initial public offering.

The board of directors of the Corporation is now comprised of Dennis Forgeron, Thomas E. Lester, Ian Shook, Jonathan Schroeder, David Campbell and Scott Reeves. Mr. Forgeron, is the President and Chief Executive Officer, Mr. Lester is the Chief Financial Officer, Mr. Shook is the Vice President Exploration and Mr. Reeves is the Corporate Secretary.

Further details regarding the Qualifying Transaction and the business that will be carried on by the Corporation can be found in the Corporations' Filing Statement dated December 1, 2008 filed under the Corporation's profile on the SEDAR website at www.sedar.com.

The Common Shares are expected to resume trading under the new trading symbol "FEN" after receipt of final TSXV acceptance for the Qualifying Transaction, all which is expected to occur before year end.

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 of management 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 the Corporation's control, and no assurance can be given that the transactions will be completed on time, or at all. The Corporation 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 the Corporation's Filing Statement and its filings with Canadian securities regulators, which filings are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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