CALGARY, ALBERTA--(Marketwire - Nov. 26, 2012) - Forent Energy Ltd. ("Forent") or the "Company") (TSX VENTURE:FEN) is pleased to provide an update on the drilling of the first well in the Montgomery area of Southern Alberta.
The farm-out agreement with BlackShale Resources, Inc. ("BlackShale") that was announced on August 30, 2012 is moving forward with BlackShale having commenced drilling of the first pilot well on November 25, 2012. It is anticipated that this well will take approximately 4 weeks to drill. This vertical well will be drilled to the base of the Mannville Formation, to an estimated total depth of 3,300 metres in order to evaluate all geological zones encountered. All technical data will be thoroughly evaluated over several months in order to determine the best completion methodology for possible future horizontal wells. Forent intends to utilize the well data in order to further evaluate its 23 section, proprietary 3D seismic dataset. BlackShale is a private company that specializes in identifying and exploiting unconventional oil and gas opportunities in Canada.
The Company also announces the grant of 2,490,000 stock options to certain directors, officers, employees and consultants issued pursuant to the Company's stock option plan. The options vest over a 2 year period, are exercisable at a price of $0.10 per share and expire in November 2017. The shares issuable upon exercise of the options may not be traded for 4 months and one day from the date of grant.
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 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.