Forent reports encouraging results from 3D seismic in Alberta
Oil and natural gas company Forent Energy (CVE:FEN) said Wednesday that initial results from a 23-section 3D seismic program on its Montgomery, Alberta properties identified at least six drilling locations.
The Calgary-based company said the locations are potential analogues to the 06-06-12-28 W4 well, which has produced more than 1.4 million barrels of oil and 2.5 Bcf of natural gas to date.
Forest plans on opening a data room for potential partners to evaluate the drilling locations in mid-April. The Alberta area is considered highly prospective, said the company, due to the fact that no seismic information has historically been available.
Separately, at the company's Mervin, Saskatchewan project, Forent has revised its 2011 net operating income forecast to be roughly $1.0 million, as the field is currently producing about 125 bbl/d of oil, down from approximately 200 bbl/d of oil in December.
As a result, the company's outlook for 2011 free cash flow, net of general and administrative expenses, is estimated to be positive, but minimal, it said. The company has taken steps to reduce expenses by more than $300,000 per year, which is expected to allow it to advance its exploration projects in Alberta and Nova Scotia.
At its Alton Block in Nova Scotia, Forent has decided to accelerate the exploration drilling program to this fall based on the results of a recent gravity gradiometry survey. A 65 km 2D seismic acquisition program is now being finalized for the area.
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