Forent Energy Montgomery drilling update and options grant
Tuesday, Nov 27, 2012Forent Energy Ltd. ("Forent") or the "Company") (TSX VENTURE:FEN) is pleased to provide an update on the drilling of the first well in the Montgomery area of Southern Alberta.
The farm-out agreement with BlackShale Resources, Inc. ("BlackShale") that was announced on August 30, 2012 is moving forward with BlackShale having commenced drilling of the first pilot well on November 25, 2012. It is anticipated that this well will take approximately 4 weeks to drill. This vertical well will be drilled to the base of the Mannville Formation, to an estimated total depth of 3,300 metres in order to evaluate all geological zones encountered. All technical data will be thoroughly evaluated over several months in order to determine the best completion methodology for possible future horizontal wells. Forent intends to utilize the well data in order to further evaluate its 23 section, proprietary 3D seismic dataset. BlackShale is a private company that specializes in identifying and exploiting unconventional oil and gas opportunities in Canada.
The Company also announces the grant of 2,490,000 stock options to certain directors, officers, employees and consultants issued pursuant to the Company's stock option plan. The options vest over a 2 year period, are exercisable at a price of $0.10 per share and expire in November 2017. The shares issuable upon exercise of the options may not be traded for 4 months and one day from the date of grant.
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