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FORENT ENERGY LTD. V.FEN

"Forent Energy Ltd is an oil and gas exploration, development and production company with mineral rights holdings, reserves, and production in Alberta, Canada. The company does a production of oil reserves through development drilling on three core properties in south-central Alberta; Twining, Provost, and Wayne. The majority of Forent’s production is generated from these properties. The firm generates the majority of its revenue from Oil sales."


TSXV:FEN - Post by User

Post by BayStreetVicon May 03, 2016 4:09pm
117 Views
Post# 24838196

Operational Update

Operational UpdateIs this recent bit of POG news: Forent has executed a definitive agreement to acquire additional oil and gas assets in its core area of Twining, Alberta (the "Acquisition"). The Acquisition consists of approximately 200 boe/d, which is comprised of 70% oil and 30% liquids rich gas with associated facilities in close proximity to existing operations. The acquisition nearly doubles the production of Forent, and brings a drilling inventory of both vertical and horizontal drilling locations for future growth of the new company. Funding of the Acquisition was provided by Perisson pursuant to a trust agreement whereby Perisson will be the beneficial owner of the Assets at Closing. The terms of the Trust Agreement include a term whereby in the event that the Amalgamation is not completed, Forent has the right to acquire the beneficial interest in the Assets from Perisson at the initial purchase price. The same or different than the PR issued by FEN on November 12 2015?
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