CALGARY, ALBERTA–(Marketwired – April 15, 2014) – Forent Energy Ltd. (“Forent” or the “Company”) (TSX VENTURE:FEN) is pleased to give an update on current operations.
Montgomery, Alberta
At Montgomery, the exploration well “Forent et al DD14-12-029-12W4”, was spud on February 17, 2014 and was successfully drilled to the base of the Second White Speckled Shale Formation (2WS). The 2WS was encountered at the expected depth based on Forent’s proprietary 3D seismic survey and was cased from surface to the top of the 2WS with a slotted liner placed over the entire 2WS formation. Due to up-hole well complications while drilling, the wellbore was not drilled to a depth sufficient to penetrate the Lower Mannville formation.
A completion rig was mobilized to the site and an acid job was conducted over the 2WS interval in an attempt to remove the drilling mud damage from the wellbore. No inflow was noted and pressure recorders were run in the well to measure the bottom-hole pressure build up. It is anticipated that the well will remain shut in for a number of weeks, when the recorders will be pulled and analyzed for future stimulation potential.
Under the provisions of the Montgomery farm-out agreement, Forent’s joint venture partner funded the cost to drill and complete the vertical test well, to earn a 70% interest in all PNG rights to the base of the deepest formation penetrated in four sections of land, while Forent will retain a 30% interest.
Twining, Alberta
Forent has obtained regulatory approval for the drilling of the first three infill development wells in the Twining field. These wells are scheduled to be drilled immediately after spring break up once county road weight restrictions have been removed. The wells will be tied into existing operated facilities increasing base production levels while reducing field operating costs per bbl. Forent has additional drilling locations within held lands at Twining which will be drilled based on the success of the initial program.
Alton, Nova Scotia
As of April 2014 the Alton exploration license 03-02-03-01-R is available for renewal but Forent Energy has decided not to pursue an extension on the block at this time. In light of our capital requirements on our newly acquired producing assets, and potential refinements to the current regulatory environment in Nova Scotia, Forent has determined that it is not prudent to commit capital to the Alton block at this time. Forent will re-assess its position in Nova Scotia at a future date.
[expand title=”Advisories & Contact”]ADVISORY: Certain information in this news release, including the operations at the Company’s, Twining and Montgomery properties, constitute forward-looking statements under applicable securities laws. Although Forent believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Forent can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
NEITHER 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 RELEASE.
Forent Energy Ltd.
Richard Wade
President & CEO
(403) 262-9444 #211
rwade@forentenergy.com
Forent Energy Ltd.
Brad R. Perry
CFO
(403) 262-9444 #208
bperry@forentenergy.com
www.forentenergy.com
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