Forent Energy Ltd. confirms the interim closing on December 31, 2013 of a non-brokered private placement of flow-through common shares (the "Flow-Through Shares"). A total of 6,050,000 Flow-Through Shares were issued 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. The Funds will be used for crude oil development expenditures (CDE), which will qualify as renounceable exploration expenses ("CEE"), on its recently acquired central Alberta properties.
Operationally, Forent is pleased to confirm that its application for down-spacing on the Twining assets has been approved by the Alberta Energy Regulator, accelerating the in-fill drilling plans.