Forent Announces New President and Chief Executive Officer and Private Placement Financing

Wed Jan 30, 2013 8:45am EST

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

  CALGARY, ALBERTA, Jan 30 (MARKET WIRE) --
Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is
pleased to announce the appointment of Richard Wade as the new President
and Chief Executive Officer of Forent, effective mid-February. Mr. Wade
takes over from Tom Lester, who has been Chief Financial Officer since
September 2008 and was appointed as Interim President and Chief Executive
Officer of the Company in August 2010.

    Richard Wade, P.Eng., comes to Forent with over 15 years of experience in
the petroleum industry. He has a broad range of experience in drilling,
completions, oil & gas reserve evaluations and production operations
coupled with a strong acquisition and divestiture background. He has used
his skill set to drive production enhancement, cost reduction and
corporate growth while implementing best practices in several other oil
and gas companies. 

    W. Brett Wilson, Chairman of the Board of Directors of Forent, states,
"We are extremely privileged and enthused to have someone of Richard's
calibre and pedigree join our Company to lead us into the next stages of
our development. This appointment, along with the pending closing of the
recently announced sale of our Mervin heavy oil property and equity
financing announced below, will help position Forent as an entity with a
strong balance sheet and a commitment to growth going-forward. Richard
will be a valuable resource and asset to our Company as we move to
exploit our significant Montgomery and Alton assets and pursue strategic
acquisitions. Forent's Board of Directors is very pleased to welcome him
aboard."

    Forent is also pleased to announce a proposed non-brokered private
placement (the "Offering") of between $1,000,000 and $1,500,000 comprised
of common shares in the capital of the Company at a price of $0.05 per
Common Share. Up to $500,000 of the Shares will be issued on a
flow-through basis pursuant to the Income Tax Act (Canada) ("FT Shares")
at a price of $0.06 per FT Share. All securities issued pursuant to this
Offering will be subject to a four (4) month hold period. Completion of
the Offering is subject to receipt of all required regulatory and
Exchange approvals. If the Offering is fully subscribed, there will be
163,849,048 common shares outstanding. The proceeds of the offering,
together with the anticipated Mervin property sales proceeds will be used
for general corporate purposes including elimination of an accounts
payable balance exceeding $1.0 million along with investments in property
acquisitions and the Montgomery and Alton Blocks.

    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 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.

    This news release shall not constitute an offer to sell or solicitation
of an offer to buy the securities in any jurisdiction. The flow-through
common shares will not be and have not been registered under the United
States Securities Act of 1933 and may not be offered or sold in the
United States absent registration or applicable exemption from the
registration requirements.

    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.
Scott M. Reeves
Director and Corporate Secretary
(403) 571-8015
sreeves@tinglemerrett.com
www.forentenergy.com

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