Forent Energy Inc.
TSX VENTURE : FEN

Forent Energy Inc.

March 24, 2009 06:00 ET

Forent Energy Ltd. Renews Exploration Agreement for the Alton Block in Nova Scotia and Changes to Board of Directors

CALGARY, ALBERTA--(Marketwire - March 24, 2009) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or "the Company") is pleased to announce that the Minister of Energy for the province of Nova Scotia, the Hon. Barry Barnet, has renewed the Company's Exploration Agreement for the Alton Block, which is located on-shore in Nova Scotia, to February 3, 2012.

The Alton Block is a 740,000 acre petroleum and natural gas holding containing two areas of particular interest including an approximate 128,000 acre exploration fairway in the centre of the concession where hydrocarbon bearing reefs are expected to be deposited and an approximate 150,000 acre shale gas depocentre in the northern part of the Alton Block that is a continuation of shale gas discovered on offsetting lands.

Over the next three years Forent intends to acquire additional geophysical and geological data and complete a multi well drilling, completion and test program on a number of the oil and natural gas opportunities on the Alton Block, in preparation for the conversion of the Block to a production lease in early 2012. The Company has identified an extensive inventory of oil and natural gas opportunities on the Alton Block, including a significant Horton shale gas resource play, as well as, conventional Gays River carbonate oil & gas targets. Forent's Nova Scotia properties are bisected by the Maritimes & Northeast natural gas pipeline providing direct access to market for gas developments. The region also offers access to oil refineries to process any future crude oil discoveries.

To assist with Forent's Nova Scotia opportunities, the Company has made two appointments to its board of directors The Company is pleased to announce that Mr. Douglas Porter and Mr. Wayne Rousch have been appointed to the Company's board. In order to facilitate these changes Mr. David Campbell has resigned from the Forent board effective March 20, 2009. Forent Management and Directors wish to thank Mr. Campbell for his past efforts and wish him well on his future endeavors.

Mr. Rousch is currently the principal of Cambria Energy Inc. a private investment firm that has been involved in Keltic Petrochemicals, a world scale LNG/petrochemical project in Atlantic Canada and CR Fuels Inc. an integrated bio-fuels company for the production of ethanol, power and bio-diesel in Strathmore, Alberta and other Canadian locations. From May 2000 to May 2003, Mr. Rousch was Senior Vice President of Emera Inc. a diversified energy and services company focused in Atlantic Canada and the Northeast United States. With Emera, Mr. Rousch established and managed some $500 million of Emera's investments principally in the following companies - Maritimes Northeast Pipeline, Sable Offshore Energy Inc., Emera Fuels Inc. and Emera Energy Services Inc. With more than thirty years oil and gas experience Mr. Rousch spent the first twenty-three years of his career in positions of increasing responsibility with Nova Corporation, Pan-Alberta Gas Ltd. and Novagas Clearinghouse Ltd. Mr. Rousch has Bachelor of Science, Chemical Engineering, University of Calgary, 1975. Mr. Rousch is a director of ENTx Capital Inc.- a private equity capital fund and Climate Change Central.

Mr. Porter was the President, Chief Executive Officer and Chief Financial Officer of Seriatim Ventures Inc. until the reverse takeover of Seriatim by Forent late last year. Mr. Porter is a Chartered Accountant and a Chartered Business Valuator, with some twenty years of varied experience and is the principal of Porter Valuations Inc., a specialty business valuation firm providing valuation and financial consulting services to a broad spectrum of private and public companies throughout Western Canada. Mr. Porter also currently holds the position of Chief Financial Officer of Meridian Directional Services Inc., a Calgary based energy services firm. He is also a director of Manson Creek Resources Ltd., a TSX Venture Exchange-listed mining company.

Pursuant to a short form amalgamation with its wholly-owned subsidiary, Forent Energy Ltd, completed on March 1, 2009, the Company has changed its name from Forent Energy Inc. to Forent Energy Ltd. There was no consolidation of capital and effective March 4, 2009 the common shares of the Company commenced trading on the TSX Venture Exchange under the name Forent Energy Ltd. There was no change in the Company's trading symbol, which remains 'FEN'.

Forent is the largest on-shore oil and gas license holder in the province of Nova Scotia with exploration licenses on more than 1.2 million acres consisting of the Alton (740,000 acres) and the Beech Hill (466,000 acres) Blocks. Shares of Forent initiated trading on the TSX Venture Exchange on December 30, 2008 under the symbol "FEN". For more information about the Company and its prospects, go to www.forentenergy.com.

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 www.sedar.com.

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