CALGARY, ALBERTA, Feb 04 (MARKET WIRE) --
Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is
pleased to provide the following corporate update.
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 requirements.
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
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.
Forent Energy Ltd.
President, CEO & CFO
(403) 262-9444 #203
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