CALGARY, ALBERTA--(Marketwire - April 30, 2012) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") confirms that it has completed the drilling and logging of its 100% working interest onshore Nova Scotia exploration well (South Branch #1). The well was drilled ahead of schedule resulting in significant cost savings of approximately $300,000 relative to the original budget of $1,300,000.
The well was positioned on a geophysically determined basement high anomaly where a Gays River reef was anticipated to have been deposited. The well encountered a structurally high basement, however no Gays River reef was detected and no significant hydrocarbon accumulations were observed.
While disappointing, the Company will use this information to refine its geological and geophysical models as it continues its exploration endeavors on the Alton Block. Forent believes that the Alton #1 well, drilled earlier this year, is a possible re-entry candidate and will assess the viability of drilling directionally from the existing wellbore to further evaluate the Gays River reef encountered at that location. In addition, it must be recognized that all of the 10 to 15 geophysical anomalies that have been identified on the Alton Block are distinct exploration opportunities, such that a lack of success at any one does not rule out the potential for success at a different location.
The Company also remains focused on the exploration of its highly prospective southern Alberta Montgomery property and is currently working with several potential partners in an effort to put together a joint venture group to drill several wells later this year. The Company's heavy oil property at Mervin Saskatchewan is providing good cash flow and efforts are being continued to optimize cash flow from the property, including receipt of third party salt water.
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.