Forent Energy Announces Sale of Mervin Heavy Oil Property and Montgomery Update

Thu Jan 17, 2013 10:00am EST

* Reuters is not responsible for the content in this press release.

  CALGARY, ALBERTA, Jan 17 (MARKET WIRE) --
Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent") or the "Company") is
pleased to provide the following corporate update.

    Forent has signed an agreement to sell its Mervin heavy oil property to a
major heavy oil operator for $5.5 million, subject to closing
adjustments. The Mervin disposition has an effective date of December 31,
2012 and is expected to close at the end of January. The Mervin heavy oil
property represents substantially all of Forent's producing crude oil
reserves. At the present time, Forent has a working capital deficit
estimated to be $1,000,000 and no bank debt. The Company intends to use
the proceeds from the sale of its Mervin property to fund working capital
and future corporate growth at its Montgomery exploration property in
southern Alberta and the 514,000 acre Alton Block in Nova Scotia. The
Company has invested more than $11 million in in the Montgomery and Alton
opportunities. Both Montgomery and the Alton Block present significant
growth opportunities for the Company's shareholders. 

    Forent is very excited about its 29 section Montgomery exploration
property in southern Alberta where the Company's partner, BlackShale
Resources, Inc. ("BlackShale"), completed the drilling of the first well
on these lands in late December. The well was drilled and cased to the
base of the Mannville Formation at 3,227 metres. Core data and a full
suite of conventional and specialized petrophysical logs were run over
the entire well bore for an analysis of unconventional and conventional
hydrocarbon potential. Additional evaluation of the core and log data in
the vertical well bore will occur over the next several months by both
BlackShale and Forent in order to determine go forward plans.

    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.

Contacts:
Forent Energy Ltd.
Tom Lester
President, CEO & CFO
(403) 262-9444 #203
tlester@forentenergy.com
www.forentenergy.com

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