FEN Forent Energy Ltd.

Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to
announce that it has filed its audited Financial Statements and Management's
Discussion & Analysis, for the period ending December 31, 2012, with applicable
securities regulatory authorities in Canada. Copies of these documents can be
accessed under the Company's profile on the SEDAR website at www.sedar.com and
on the Company's website www.forentenergy.com. 


Forent's board of directors has accepted the 2012 year end reserves report,
prepared by Sproule Associates Ltd. ("Sproule"). The Company has filed with
applicable securities regulators in Canada under National Instrument 51-101,
Standards of Disclosure for Oil and Gas Activities its Form 51-101F1 - Statement
of Reserves Data and Other Oil and Gas Information; Form 51-101F2 - Report on
Reserves Data by Independent Qualified Reserves Evaluator; and Form 51-101F3 -
Report of Management and Directors on Oil and Gas Disclosure with applicable
securities regulators in Canada under National Instrument 51-101, Standards of
Disclosure for Oil and Gas Activities. Such filings can also be accessed
electronically from the SEDAR website at www.sedar.com. 


Overview of 2012 

In 2012 Forent made significant progress on the exploration of our held mineral
rights in Alberta and on-shore Nova Scotia. Forent completed a non-brokered
financing of $400,000 in early 2012 and drilled two exploration wells in Nova
Scotia. In Alberta, the Company secured a joint venture partner to assist with
exploration at Montgomery and the first exploration well on these lands was
drilled in December 2012. Also in the fourth quarter of 2012, the operated
Mervin field was impaired from both a production and financial perspective due
to infiltration of sour (presence of H2S) water from another operator's
activities. As a safety precaution, the Mervin field was temporarily shut in.
Once returned to production two weeks later, higher water and lower oil
production significantly reduced the cash flow generated from the company's
primary producing asset. The issue was resolved through the effective sale of
the Mervin property on December 31, 2012 for net proceeds of $5.5 million, a
value in excess of the previous year's proved plus probable reserve value. The
sale was closed in early 2013.  


Due to ending the year with a negative working capital of $1.2 million, and the
uncertainty on the timing of the closing of the Mervin asset sale, the company
completed an additional non-brokered financing of $ 1.5 million early in 2013.  


The Company's two core exploration areas and the Mervin asset sale are more
fully described below: 


Nova Scotia 

Forent reached a significant milestone in 2012 with the drilling of two
exploration wells for Gays River reefs on the Alton Block. Forent Alton #1 and
Forent South Branch #1 were both drilled through the zones of interest to
basement. These wells provided significant information about the presence of
hydrocarbons in the system and reef development at depth. They also reduced the
Company's three year $6.3 million exploration agreement commitment to $1.7
million. Under the current terms of the Alton Block exploration agreement, the
balance of the work commitment is required to be spent by April 8, 2014. 


The first well drilled by the Company in 2012 was the Forent Alton #1 well,
which was rig released March 13, 2012, after reaching a total depth of 996
meters. This well was positioned where a Gays River reef was anticipated to have
been built up on a geophysically identified Meguma basement structural high.
This geological interpretation was based on gravity gradiometry, 2D and 3D
seismic information and incorporated third party well information. The well
targeted the flank of the anticipated reef to increase the probability of
encountering significant porosity in the Gays River formation and encountered
the flank of a Gays River reef as predicted. During drilling several significant
natural gas shows were detected and live oil was found in the mud tank. This
validated the existence of an active petroleum system and the presence of
natural gas and free hydrocarbon in the system. Petrophysical logs evaluated by
Forent's technical team indicated that the Gays River reef build up had minor
porosity at the well bore. The Company does not anticipate production from this
well, however it has been cased and left in a condition that it may be easily
re-entered for further evaluation. The results of this well are considered
encouraging and do not preclude future wells drilled into the same reef from
being productive.  


Forent followed up the drilling of Forent Alton #1 with the second well referred
to as Forent South Branch #1. This well was rig released April 28, 2012 after
drilling to an identified basement at approximately 783 meters from surface. The
well targeted the top of a geophysically identified Meguma structural high. The
Forent South Branch #1 well encountered the interpreted Meguma structural high,
but unfortunately, no Gays River reef build up was present and no hydrocarbons
were encountered while drilling the well.  


Although it is disappointing that economic quantities of oil and/or natural gas
were not encountered in either of the two wells, Forent is extremely pleased to
be able to confirm the presence of both Gays River Reef development at depth and
obtain positive indications of an active petroleum system. This new information
will greatly assist in the assessment of the 8 additional geophysical anomalies
currently identified on the Alton Block, allow the exploration team to further
refine their geological and geophysical models, and focus future efforts.
Forent's intent is to actively pursue Gays River reef oil and natural gas
opportunities as well as evaluate the potential of other nonconventional natural
gas opportunities on the block.


Montgomery, Alberta 

During the second quarter of 2012, Forent was successful in entering into a
joint venture partnership with BlackShale Resources Inc. ("BlackShale"), a
wholly owned subsidiary of Houston based Kerogen Energy Holdings LLC. BlackShale
is a private company specializing in identifying and exploiting unconventional
oil and gas opportunities in Canada. After extensive assessment of regional
light oil resource opportunities in Western Canada, BlackShale chose Forent's
Montgomery lands as one of its initial projects. 


Under the terms of the Agreement, BlackShale has drilled and completed a
vertical test well to the base of the Mannville Formation (approximately 3,100
meters) to earn a 70% interest in all PNG rights to the base of the deepest
formation penetrated in four contiguous sections of land. Forent retained 30% of
the pre-farmout interest in these four sections. BlackShale has the option to
drill additional vertical or horizontal wells under similar earning conditions.
Forent provided BlackShale with access to the lands and proprietary 3D seismic
survey that images most of Forent's Montgomery acreage.  


The first earning well, BlackShale Montgomery 01-16-012-29W4/00, was drilled and
cased to the base of the Mannville formation at 3,227 meters. Although the well
is still under evaluation, indications are that it will achieve its intended
objectives. A full suite of conventional and specialized petrophysical logs were
run over the entire well bore and extensive core was cut to analyze both
unconventional and conventional hydrocarbon potential. The Second White Specs
formation was perforated and stimulated in order to obtain rock mechanical
properties and additional data, which will aid in the development of this
potential resource into commercial reserves. After partial stimulation clean up,
the well was shut in for a reservoir pressure build up and remains in this state
today. Tight reservoirs typically require an extended shut-in period to fully
build up to initial reservoir conditions in order to adequately analyze the data
and calculate the stimulated permeability. Additional evaluations of the well,
core and log data will occur over the next several months. 


Mervin, Saskatchewan 

In mid-September an offset operating company initiated a well re-entry program
on lands adjacent to Forent's Mervin oil pool and salt water disposal facility
located in section 34-50-21W3. During the offset operations a deeper sour water
bearing formation flowed for a number of days into the Waseca formation, from
which Forent was producing sweet oil. As a safety precaution due to the H2S in
the produced water, Forent shut in the Mervin field on September 22, 2012. After
taking appropriate operating measures to remove the H2S from the produced water,
production resumed on October 4, 2012. Due to production decreases and increased
operational expense, the Mervin property operated at a break-even level during
the fourth quarter of 2012. In contrast, this property generated significant
income during the first nine months of 2012. 


On February 1, 2013, the Company closed the sale of all of its interests in the
Mervin, Saskatchewan property for proceeds of $5.5 million, resulting in a gain
of $4.0 million over the carrying cost of the property. The property was
classified as a discontinued asset held for sale as of December 31, 2012. The
disposition of the property allowed Forent to realize a value that was
comparable to the fair market value of the asset prior to the impairment and in
excess of the independently assigned proved plus probable value from December
31, 2011. 


Outlook for 2013 

The immediate focus for the Company will be to replace production from the sale
of the Mervin property, in order to restore operating cash flow. Forent will be
focusing on adding liquid weighted production through an accretive asset
purchase or corporate merger. The cash flows generated from new operations will
assist in underpinning the Company with steady cash flow and reserves while we
continue to advance our core projects in Montgomery, Alberta and Alton, Nova
Scotia from prospects into producing reserves. 


Forent will provide long term corporate growth by continuing our efforts to
secure a partner to assist with the capital programs and technical evaluations
of both the potential reef structures and the extensive shale gas potential of
the Alton Block. The two exploration wells drilled in 2012 confirmed the
presence of Gays River reef development at depth, and the presence of
hydrocarbons in a significant portion of the Shubenacadie sub-basin. Also on
Forent's lands we have identified 8 geophysical anomalies that we believe
represent Gays River reef build-ups. Based on data obtained from offset
operators the Forent acreage block has significant shale gas potential.
Additional geological and geophysical data will most likely be required prior to
initiating the next drilling program with a joint venture partner. 


Forent anticipates that, while the first well in the Montgomery block was
intended as a regional test well, a longer term production test will occur after
the reservoir recorders are removed and the pressure build up has been analyzed.
We anticipate the reservoir recorders will be pulled from the wellbore in June
2013 and the data will be analyzed to evaluate the effectiveness of the
stimulation. This will provide valuable input for development of a production
model and assist in the planning of future wells. In Montgomery, we will
continue to work closely with our joint venture partner's technical team on
analyzing the results of the 01-16-12-29W4 well and evaluate future drilling
locations. We will continue to communicate with the landowners in the area and
remain a good neighbor and joint venture partner.  


Shares of Forent trade on the TSX Venture Exchange under the symbol "FEN". 

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements of historical
facts, that address future production, reserve potential, exploration drilling,
exploitation activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the expectations
expressed in such forward looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward looking statements include market prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and those actual
results or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, Investors
should review the Company's registered filings which are available at
www.sedar.com. 


This news release shall not constitute an offer to sell or the solicitation of
any offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Forent Energy Ltd.
Richard Wade
President & CEO
(403) 262-9444 #211
rwade@forentenergy.com
www.forentenergy.com

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