Forent Energy Ltd.
February 4, 2013 - 08:45:00 AM
Forent Energy Announces Completion of Heavy Oil Property Sale and Fully
Subscribed Equity Financing
CALGARY, ALBERTA--(Marketwire - Feb. 4, 2013) - Forent Energy Ltd. (TSX
VENTURE:FEN) ("Forent" or the "Company") is pleased to provide the following
Forent has completed the previously announced sale of its Mervin heavy oil
property to Husky Oil Operations Limited ("Husky") for $5.56 million. The
Mervin disposition has an effective date of December 31, 2012. The Company
intends to use the proceeds to fund working capital and future capital budget
Management of Forent is also pleased to announce that it has scheduled closing
of its previously announced common share financing for February 14, 2013. The
offering is fully subscribed in the amount of $1.5 million of common shares at
a price of $0.05 per share. Following completion of the financing and the sale
of the Mervin assets, and the satisfaction of outstanding payables, the
Company will have a net working capital position of approximately $6 million.
Further to the Company's January 30, 2013 press release, Forent looks forward
to the official start date of its new President and Chief Executive Officer on
February 22, 2013. W. Brett Wilson, Chairman of the Board of Directors of
Forent, confirms, "Forent as an entity has a strong balance sheet and a
focused commitment to growth going-forward. With a very technically capable
President and CEO in Richard Wade, Forent will have the ability to exploit our
significant Montgomery and Alton assets and pursue strategic acquisitions."
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Forent Energy Ltd.
President, CEO & CFO
(403) 262-9444 #203
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.