SYS-CON MEDIA Authors: Elizabeth White, Greg Ness, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

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Forent Energy Announces 2013 Financial and Operating Results and Filing of NI 51-101 Annual Reserve Report

CALGARY, ALBERTA -- (Marketwired) -- 05/05/14 -- 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, 2013, 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.

In addition, Forent's board of directors has accepted the 2013 year end reserves report, prepared by McDaniel & Associates Consultants Ltd. ("McDaniel"). 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 2013

2013 represented a significant transition year for Forent Energy. During the first quarter, we successfully concluded the sale of our Mervin heavy oil asset. This resulted in the elimination of the significant working capital deficiency that had accumulated due to impaired production at Mervin.

In the second quarter, the first well at Montgomery was completed in both the Second White Speckled Shale formation and Lower Mannville group. Both intervals recovered hydrocarbons and provided additional data to high-grade future exploration potential on this significant land holding. Also during the second quarter, Forent successfully abandoned our final standing wellbore in Nova Scotia, completing all of our operational obligations on the Alton Block.

During the third quarter, we successfully identified, negotiated, and conducted economic and environmental due diligence on our most significant asset acquisition to-date. The acquired producing properties are low decline oil weighted assets, with favorable netbacks and significant development opportunities. These production assets will provide a solid basis for our near term growth. The acquisition closed in October 2013.

In the fourth quarter, Forent was also successful in acquiring 26 sections of mineral rights in an area of central Alberta with proven hydrocarbon potential. This new land block represents an opportunity for intermediate term growth through exploration in an area with existing infrastructure and multi-zone potential at depths of less than 1500m.

Over the course of 2013, Forent has continued to evaluate our longer-term, high-impact exploration prospects and has cleaned up our existing asset base. More importantly, the Company has increased proven plus probable reserves by over 10 times, added the oil production and reserves necessary to provide corporate cash flow and is now well positioned for steady future growth.

Q4 2013 acquisition

As mentioned above, in October of 2013, Forent closed on the acquisition of predominately oil producing assets in central Alberta for consideration of $6,800,000 cash and 10,000,000 common shares valued at $0.08 per share. The acquired properties exhibit low declines, have long reserve life indexes, and are largely operated. Significant development potential exists on all of these properties, including both horizontal and vertical oil development drilling locations and facility upgrades and optimization. Activity in these areas will continue to be a focus for Forent during 2014.

Operations

Q4 2013 saw the successful integration of our newly acquired properties into Forent. Forent now has four main producing areas, of which three are oil and one natural gas, and all are within 400 km of our corporate head office. The Company operates two main central oil treating facilities and one central gas gathering, compression and dehydration facility.

Financing

In February 2013, Forent closed a $1,500,000 non-brokered private placement. Forent issued 30,000,000 common shares in the capital of the Company at a price of $0.05 per Common Share. 74% of the Offering (22,300,000 common shares) was purchased by directors, officers, employees, consultants and affiliates of the Company.

In December 2013, Forent also closed on a non-brokered private placement basis the issue of 6,050,000 flow-through common shares, sold at a price of $0.10 per common share, for gross proceeds of $605,000. Insiders, including W. Brett Wilson, the Company's Chairman, purchased 3,850,000 flow-through shares in the private placement (64% of the offering).

Reserves and Production

The acquisition in Q4 2013 increased both the reserves and corporate value of the Company. In 2012, Forent closed the year with 111 Mboe of gross total proved natural gas reserves and 143 Mboe of gross proved + probable reserves. During 2013, Forent increased reserves and closed the year with 1081 Mboe of total proved reserves (81% oil + liquids) and 1,570 Mboe gross proved + probable reserves (78% oil and liquids).

Overall reserves were increased by 876% on a gross proven basis and 998% on gross proven + probable.


----------------------------------------------------------------------
Company Gross (1)Reserves (Before Royalty)
Comparison of Reserves as at December 31, 2013 and 2012
Forecast Prices and Costs
----------------------------------------------------------------------
                                Oil and
                     Natural Gas Liquids                   Natural Gas
          ------------------------------------------------------------
                                   Gross                         Gross
                                  Proved                        Proved
               Gross     Gross      Plus     Gross     Gross      Plus
              Proved  Probable  Probable    Proved  Probable  Probable
              (Mbbl)    (Mbbl)    (Mbbl)    (MMcf)    (MMcf)    (MMcf)
----------------------------------------------------------------------
Dec 31,
 2012            2.6       0.6       3.2       649       190       839
----------------------------------------------------------------------
Dec 31,
 2013          876.8     350.4    1227.1      1226       829      2054
----------------------------------------------------------------------
Change         874.2     349.8    1223.9       577       639      1215
----------------------------------------------------------------------
% increase
----------------------------------------------------------------------

----------------------------------------------------------------------------
Company Gross (1)Reserves (Before Royalty)
Comparison of Reserves as at December 31, 2013 and 2012
Forecast Prices and Costs
----------------------------------------------------------------------------
                                  BOE(6:1)                    Btax NPV10(2)
          ------------------------------------------------------------------
                                     Gross                            Gross
                                    Proved                           Proved
               Gross      Gross       Plus      Gross      Gross       Plus
              Proved   Probable   Probable     Proved   Probable   Probable
              (Mboe)     (Mboe)     (Mboe)      (MM$)      (MM$)      (MM$)
----------------------------------------------------------------------------
Dec 31,
 2012          110.8       32.3        143        0.8        0.3        1.1
----------------------------------------------------------------------------
Dec 31,
 2013         1081.1      488.5       1570       15.2        6.2       21.4
----------------------------------------------------------------------------
Change         970.3      456.2     1426.5       14.4        5.9       20.3
----------------------------------------------------------------------------
% increase       876%     1,412%       998%     1,800%     1,967%     1,845%
----------------------------------------------------------------------------

(1) Gross reserves are the Company's working interest reserves before calculation of royalties, and before the consideration of the Company's royalty interest.

(2) The estimated values disclosed do not represent fair market value

(3) Totals may not add due to rounding.

During the first three quarters of 2013, Forent's legacy production averaged 58 boe/d of predominately dry gas. In Q4 2013, our total production more than tripled to 204 boe/d (approx. 60% oil & liquids) with the majority of the increase resulting from the addition of three oil producing properties that were acquired on October 4, 2013.

Ongoing Exploration

In 2013, the first well on the Montgomery block was completed and produced light sweet oil from the Second White Speckled Shale formation (2WS). The Lower Mannville group was also completed and tested sweet natural gas after stimulation. While it is not anticipated that this initial test well will come on production in the near future, two play types that Forent had identified on the lands were validated with these hydrocarbon recoveries. Forent intends to continue to evaluate both of these plays in addition to other geophysical anomalies identified on our proprietary 3-D seismic survey at Montgomery.

In Q4 2013, Forent was successful in acquiring 26 sections of Crown land within our south central Alberta core area. We hold all petroleum and natural gas rights from surface to basement for a term of 5 years. These lands are prospective for Cretaceous oil and gas at depths of less than 1200m and Mississippian targets at less than 1500m. During 2014, Forent intends to further evaluate these lands both geophysically and geologically.

In Q1 2014, the second exploration well "Forent et al DD14-12-012-29W4", was spud and was successfully drilled to the base of the 2WS. The well was completed with a small acid job, in an attempt to clean up drilling damage that may have occurred, swabbed down to formation depth and bottom hole recorders were run in order to measure the formation pressure build up. No formation inflow was noted into the wellbore while swabbing operations were occurring. The recorders have been recovered and the reservoir pressure build up is currently being analyzed to determine the production potential of this wellbore.

In April 2014, Forent elected not to submit a work commitment to renew the Alton block in Nova Scotia. Once the regulatory requirements around hydrocarbon resource stimulation in the province are better identified and a joint venture partner has been identified, Forent will have the opportunity to re-nominate these lands and make a meaningful work commitment that will enable the development of the block.

2014 Outlook

Forent will be executing a 3 well infill development drilling program at Twining, immediately after local road bans have been removed from access roads. We are planning to grow our oil and associated gas production to over 300 boe/d by the end of 2014 through the drilling of low risk, development wells within our current asset base.

Several development strategies for the Wayne property are under review with Forent's partner in the area, Forent hopes to be able to firm up a drilling schedule with its partner during the second half of 2014 for up to three new horizontal wells.

At Provost, the Company has identified a number of infill horizontal heavy oil development locations. Currently the facilities at Provost are restricted by water handling capacity. Forent has proposed an expansion of water handling capabilities at the battery to facilitate increased oil production with our working interest partners. Once approvals have been obtained from our partners, Forent will proceed with equipment installation.

Forent also continues to evaluate oil and natural gas acquisition opportunities and potential corporate mergers in order to provide increased per share growth for our Shareholders.

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

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.

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.

BOE presentation:

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

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.

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