Forent announced the completion of its previously announced 65 km 2D seismic program in Nova Scotia.
The seismic acquisition program was completed on Forent's Alton Block, near Cloverdale, NS. The permitting for the program was initiated in late April with the drilling and recording of data in July. Total cost of the program was under $1.1 million, well within the budget estimate. Forent intends to have the data processed and interpreted by the end of the first week of August, after which three drilling locations will be selected.
The Company plans to spend upwards of $5 million in 2011 on the Alton Block in an effort to discover and produce hydrocarbons from the Gays River reef structures identified by the 2010 gravity gradiometry survey. The Company anticipates the start of a 3 well drilling program in early October of this year, with the program finishing by the end of November. Forent hopes that this drilling program will allow it to be the first company to produce hydrocarbons on shore in Nova Scotia. As it has done with previous operations, the Company will hold an Open House in September in order to keep local residents apprised of its activities and will continue its comprehensive communications program with stakeholders, to ensure that they are well informed about its 2011 exploration program.
In Western Canada, the Company has experienced a delay in the completion of the Mervin optimization program due to surface land access issues and is now anticipating that the program will be completed by mid-September. The Company has identified a number of potential partners for its Montgomery exploration opportunity in southern Alberta and expects to finalize partner arrangements before the end of August.
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