CALGARY, ALBERTA--(Marketwire - March 5, 2012) - Forent Energy Ltd. ("Forent" or the "Company") (TSX VENTURE:FEN) confirms that it has completed the drilling and logging of its 100% working interest onshore Nova Scotia exploration well (Alton #1). The well was drilled within the financial and time parameters established prior to spud. The company is encouraged by the results and intends to continue its exploration program of the 10 - 12 similar geophysical anomalies on the Alton Block.
The well encountered the flank of a Gays River reef, a shaley dolomite, lying on a Meguma basement high, as was anticipated from the Company's seismic and gravity gradiometry interpretation. Several significant natural gas kicks were detected during the well drilling and live oil was found in the mud tank, indicating an active petroleum system and suggesting that there are natural gas liquids or light oil associated with the natural gas. The logs indicate minimal porosity and permeability near the well bore and the company does not anticipate production from this well, however, future wells drilled into the same reef may be productive. The well has been cased and left in a condition that it may be easily re-entered for further evaluation. The Company believes that it has encountered the deepest hydrocarbon bearing Gays River reef structure discovered to date in Nova Scotia.
Due to the seasonal road restrictions currently in effect in Nova Scotia, the Company has racked the drilling rig near the Alton #1 location. Forent expects to continue its exploration program after the removal of road bans in the next three to four weeks.
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.