Shares outstanding: 142 Million
Symbol & exchange: FGT-V
MONTREAL, June 25 /CNW Telbec/ - Forest Gate Resources Inc. ("Forest
Gate") is pleased to report that it has appointed Curtis Hartzler, P. Eng. as
Vice-President of Operations and Chief Operating Officer. Mr. Hartzler has
also been appointed a director of Forest Gate.
Mr. Hartzler was most recently President and CEO of G2 Resources Inc.
where he negotiated the purchase of Regal Energy Inc. to access more than $60
million of tax pools and launch the company on its growth plan of mergers and
acquisitions, complemented by growth through exploration drilling.
As CEO of Goose River Resources Ltd., the predecessor of G2, Mr. Hartzler
achieved an 80% rate of return for shareholders by focusing on tight gas in
the Deep Basin and oil and gas reserves in the W5 area of Alberta. The
production growth of the company created an imminent tax horizon for the
company which was resolved by the negotiation and closing of a share exchange
arrangement with Signal Energy Inc.
For nine years, Mr. Hartzler ran a private oil and gas company where he
grew the assets from a starting point of $40 million to $250 million (8000 BOE
per day), while paying dividends to the shareholders of $120 million. Prior,
he was business development manager of Poco Petroleum Ltd. and negotiated the
sale of the Penn West Petroleum Ltd. control share block to a private
investment company in 1989 and then went on to become the President of Penn
West. He hired a new management team to assist in the sale of minor assets,
remediation of the balance sheet and drilled the company back to health.
"Curtis Hartzler is a highly experienced executive, engineer and senior
operations manager," said Michael Judson, President and Chief Executive
Officer of Forest Gate. "He has extensive contacts throughout the oil
industry. He knows who to call to get things done."
"Michael Judson is a talented financier who knows how to identify
outstanding opportunities and has the ability to finance them," said Curtis
Hartzler. "Michael and I are going to build a superb oil company."
About Forest Gate Resources
Forest Gate Resources is an international oil & gas exploration and
production company. It is seeking to increase shareholder value through
participation and development of oil & gas exploration and production projects
in Canada and internationally.
Certain statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's anticipated
financial performance, may constitute forward-looking statements under
applicable securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Forest Gate's control. These risks may
cause actual financial and operating results, performance, levels of activity
and achievements to differ materially from those expressed in, or implied by,
such forward-looking statements.
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are interpreted
and enforced; competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and development
drilling and related activities; imprecision in reserve estimates; the
production and growth potential of Forest Gate's various assets; fluctuations
in foreign exchange or interest rates; the ability to access sufficient
capital from internal and external sources; and obtaining required approvals
of regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or the accuracy of this release. This
transaction is subject to TSX Venture Exchange Approval.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
1-866-666-3040, firstname.lastname@example.org; www.forestgate.ca