CALGARY, ALBERTA--(Marketwire - Dec. 30, 2011) - Forent Energy Ltd. (TSX VENTURE:FEN) ("Forent" or the "Company") is pleased to announce that, further to its press release of November 14, 2011, it has successfully completed a best efforts private placement of 17,328,758 Common Shares, issued on a "flow-through" basis (the "FT Shares") at a price of $0.14 per FT Share (the "Offering"), for total gross proceeds of $2,426,026. Global Maxfin Capital Inc. acted as Agent (the "Agent") in connection with the Offering. Fees and cash commissions of $135,589 along with 927,063 Agent's Warrants were paid to the Agent and other sub-agents, with each such warrant being exercisable for one Common Share at a price of $0.20 per share at any time prior to December 31, 2014. Insiders of the Company purchased a total of 3,800,000 FT shares or 21.9% of the Offering.

The securities issued in the Offering are subject to a hold period of four months plus one day from closing.

The Offering is subject to applicable regulatory and TSX Venture Exchange approval and completion of definitive documentation. Proceeds from the Offering will be used for the exploration and development of the Company's lands onshore in Nova Scotia and Western Canada.

The funds from the Offering will be used to drill on the Company's Alton Block in Nova Scotia starting in mid-January. The rig that Forent plans to use is nearing completion of a prior drilling project and following a subsequent two-week maintenance program, the rig will be moved to Forent's first drilling location. Due to the amount raised in the Offering, management has decided to drill on its two most highly prospective drilling locations, rather than the three locations as previously planned.

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

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.

The term boe may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet equal to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.