Forent Provides Operational Updates
April 15 2014 - 8:00AM
Marketwired
Forent Provides Operational Updates
CALGARY, ALBERTA--(Marketwired - Apr 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.
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 WadePresident & CEO(403) 262-9444
#211rwade@forentenergy.comForent Energy Ltd.Brad R. PerryCFO(403)
262-9444 #208bperry@forentenergy.comwww.forentenergy.com
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