CALGARY, ALBERTA--(Marketwire - May 28, 2010) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") announced today its first quarter financial results.

The following table provides a summary of Forent's financial and operating results for the three months ended March 31, 2010 with comparisons to the three months ended March 31, 2009. Forent's financial statements and Management Discussion and Analysis for the three months ended March 31, 2010 have been filed on SEDAR at www.sedar.com and are available on Forent's website at www.forentenergy.com.

All amounts referred to in the press release are in Canadian dollars unless otherwise stated.

Selected Financial Information

	Three Months ended March 31
	2010	2009
Revenues	399,705	173,164
Net earnings (loss)	(518,517)	(543,894)
Net earnings (loss) per share – basic and diluted	(0.01)	(0.01)
Capital Expenditures	405,746	260,889
Total assets	10,288,816	9,704,310

First Quarter Highlights

• Average oil and gas production in 2010 increased by 93%.
• Overall oil and gas revenues increased by 131% from $173,164 to $399,705.
• Average Company commodity selling prices increased by 19%.
• Corporate netbacks improved by 68% from a deficit of $47.30 per boe to a deficit of $15.05 per boe. 
• G&A expenses decreased 9% and fell on a boe basis by 53% to $24.50.

Summary and Outlook

Notwithstanding the challenges of continued recessive economic conditions and low natural gas prices, the Company was successful in transitioning from a natural gas operator to an oil focused producer in western Canada. The first quarter marked the beginning of the development of the lands and joint ventures that were acquired in late 2009. Early success on these oil projects during the first and subsequent quarter was compelling and has justified the acceleration of development on these lands. 

This early western Canadian development success has resulted in an increase in oil revenues which provides the backing to accelerate the exploration efforts in Atlantic Canada. The definitive $US 1.4 million agreement for a sophisticated differential gravity survey was executed in April with ARKeX Ltd. The program will provide the Company with its first look into the large reef prone basin on the Alton Block and will lead to a 2-D seismic acquisition program, followed by a multi well drilling program based on these results which is anticipated to begin in the summer of 2011.

The initiation of these developments and exploration projects were enabled by the$4.4 million financing announced in the first quarter, closed on April 15, 2010, and resulted in W. Brett Wilson joining the Company board of directors. 

The Company's Annual and Special Meeting is scheduled for 2:00 p.m. Tuesday, June 22, 2010 at the Xchange Conference Centre, Suite 200, 639 – 5^th Ave SW, Calgary, Alberta.

Forent is a significant on-shore oil and natural gas license holder in Nova Scotia with exploration licenses on more than 1.2 million net acres and an extensive inventory of oil and natural gas opportunities on its Nova Scotia properties, including conventional Gays River carbonate oil & natural gas targets and a significant Horton shale gas resource play. The Company is also building a production base in western Canada, in order to generate a significant portion of the funds required to develop its Nova Scotia assets.

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

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements such as the estimates of reserves, the references to Forent's exploration program and drilling program and capital expenditures relating to, and timing of, such programs are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond Forent's control, and no assurance can be given that the programs will be completed on time, on budget or at all. In addition, there are numerous uncertainties inherent in estimating reserves, including many factors beyond Forent's control, and no assurance can be given that the indicated level of reserves or the recovery thereof will be realized. Forent undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in Forent's filings with Canadian securities regulators, which filings are available at www.sedar.com.