CALGARY, July 16 /CNW/ - The Nova Scotia government announced yesterday
that Forent Energy Ltd. has secured the 466,000 acre Beechill Block. The
exploration phase associated with onshore land agreements is valid for three
years with an option to renew at the end of the third year.
The Beechill Block, near Antigonish, Nova Scotia, combined with Forent's
776,000 acre position on the Alton Block makes the company a leading oil and
gas onshore land holder in Nova Scotia.
Forent Energy president Dennis Forgeron said the company established a
Nova Scotia exploration mandate in 2006 to focus on opportunities in the
province. "With the addition of Beechill, we have passed another milestone in
fulfilling that plan," Forgeron said.
This is Forent's first direct exploration agreement in Nova Scotia. The
company has been operating on the Alton Block, after farming into an
exploration license originally held by EOG Resources. The Alton Block is
located adjacent to the Triangle Petroleum Corporation's Hants County block on
which shale gas has been discovered.
Forent will be exploring for conventional and unconventional gas, as well
as, oil plays on both the Beechill and Alton Blocks. Last year, Forent
followed up on a previous exploration program which indicated good
prospectivity for the Alton area. That experience encouraged the company to
secure more land to continue its exploration plans in Nova Scotia. Forgeron
said the company met all its targets and commitments on that project and plans
to continue to do so.
"Our initial exploration program in the Shubenacadie Basin represented
another major step forward for Forent Energy's Eastern Canadian development
plan and securing the Beechhill Block solidifies that position," said
Forgeron. The company is planning to drill at least one well this year on the
Forent was awarded the rights to explore on the Beechill Block of land
after going through a competitive bidding process. Forent was chosen by the
Department of Energy based on the value of the company's work commitment,
technical and financial capabilities, as well as, industry experience.
About Forent Energy
Forent is an oil and gas exploration company, based in Calgary, with
producing properties in Alberta. The company's focus over the past eight years
has been in the Western Canadian Sedimentary Basin. The company has
reorganized to focus its efforts in Eastern Canada with an experienced team
heading the Nova Scotia exploration initiative.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute forward-looking
statements. The use of any of the words "anticipate", "continue", "estimate",
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statements involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from those
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expectations reflected in those forward-looking statements are reasonable but
no assurance can be given that these expectations will prove to be correct and
such forward-looking statements included in this report should not be unduly
relied upon. The Corporation does not undertake any obligation to publicly
update or revise any forward-looking statements. The Corporation has adopted
the standard of 6 Mcf:1 BOE when converting natural gas to BOE. BOEs may be
misleading, particularly if used in isolation. A BOE conversion ratio of 6
Mcf:1 BOE is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
For further information:
For further information: Dennis Forgeron, Forent Energy Ltd., (403)
262-9444; Steve Warburton, Forent Energy Ltd., (902) 221-3196