We investigate a dual-annular-ring CMUT array configuration for forward-looking intravascular ultrasound (FL-IVUS) imaging. The array consists of separate, concentric transmit and receive ring arrays built on the same silicon substrate. This configuration has the potential for independent optimization of each array and uses the silicon area more effectively without any particular drawback. We designed and fabricated a 1 mm diameter test array which consists of 24 transmit and 32 receive elements. We investigated synthetic phased array beamforming with a non-redundant subset of transmit-receive element pairs of the dual-annular-ring array. For imaging experiments, we designed and constructed a programmable FPGA-based data acquisition and phased array beamforming system. Pulse-echo measurements along with imaging simulations suggest that dual-ring-annular array should provide performance suitable for real-time FL-IVUS applications