Forent Energy Ltd.

Forent Energy Ltd.

November 17, 2011 07:00 ET

Forent Energy Receives Approval for Three Well Program in Nova Scotia

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2011) - Forent Energy Ltd. ("Forent" or the "Company") (TSX VENTURE:FEN) is pleased to provide the following update on its oil exploration efforts in Nova Scotia.

The Company is pleased to announce that has received approval from both the Nova Scotia Department of Energy and the Department of Environment to drill three wells on the Alton Block in central Nova Scotia. The Company has secured a drilling rig, suitable for the Company's needs and expects to start lease construction within the next couple of weeks.

As a result, the Company intends to spud the first well in mid-December and complete the three-well program by the end of January 2012. The Company has initiated a $3.5 million equity financing in order to fund a portion of the estimated $4.5 million cost of the three wells.

During the third and fourth quarters of 2010 the Company acquired a high resolution 890 km2 geophysical imaging survey, consisting of gravity gradiometry, as well as, magnetic and Lidar datasets over the Alton Block. This program identified a number of subsurface Gays River reef structures which are anticipated to be hydrocarbon bearing and was supported by Forent's 56 km 2D seismic program earlier this year. Interpretation of the gravity gradiometry data identified over sixteen anomalies, which on average are estimated to individually contain some 26 million barrels of Original Oil In Place, reaffirming the 2008 conclusion of Sproule Associates that identified 10 to 15 reefs averaging 31.4 million barrels of Original Oil In Place.

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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