SHARES OUTSTANDING: 82 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, March 30 /CNW Telbec/ - Forest Gate Resources Inc. announces
details of its summer 2007 drilling program in the Celtic Sea, offshore
Ireland. An appraisal well will be drilled on the crest of the Hook Head Field
in Standard Exploration License No. 2/07, in the Celtic Sea Basin, during this
The Petrolia semi-submersible drilling rig has been secured for a 50 day
drilling slot and the SEL 2/07 license group, operated by Providence, have
elected to drill an appraisal well on the crest of the Hook Head prospect.
Industry-leader, Applied Drilling Technologies Inc. (ADTI), Aberdeen,
Scotland will be the drilling contractor.
"This well has the potential to be a company-maker," says Michael Judson,
President of Forest Gate Resources. "This would then become a stepping stone
to further successes in the Celtic Sea."
The Hook Head structure is a large anticline that was first drilled in
1971 by Marathon. The IRL 50/11-1 well discovered hydrocarbons in five
sandstones units within the Lower Cretaceous. The well was not flow-tested due
to severe operational issues at the time.
The IRL 50/11-2 discovery well, drilled by Marathon in 1975, was a
delineation well at the down-dip edge of the structure. Post-drill mapping by
Marathon indicates that the crest of the structure is located to the
north-east of the IRL50/11-1 discovery well. This mapping is further supported
by the seismic data acquired by Providence in 2006.
The new 2007 IRL 50/11-C appraisal well will be drilled in a crestal
location, some 2 km northeast of the IRL 50/11-1 well.
The most recent in-house volumetric estimates suggest that the Hook Head
discovery could contain prospective resources of up to approximately 70
Million Barrels of Oil (MMBO) or 250 Billion Standard Cubic Feet Gas (BSCFG)
Please visit the company website, www.forestgate.ca, to view the new
Forest Gate Resources Inc. is an international oil & gas exploration
company. The company is seeking to increase shareholder value through
participation and development of oil & gas exploration and production projects
in Ireland and Canada. The company's shares trade under the symbol FGT on the
TSX Venture Exchange.
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that involve
risks and uncertainties. Although the company believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ materially from expectations
include the effects of general economic conditions, actions by government
authorities, uncertainties associated with contract negotiations, additional
financing requirements, market acceptance of the Company's products and
competitive pressures. These factors and others are more fully discussed in
Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
Forest Gate Resources Inc., 866-666-3040, firstname.lastname@example.org;
www.forestgate.ca; Trevor Burns, President, Tiger Capital Corporation,
Toronto, Ontario, (416) 252-3663, 1-877-TIGER04 (844-3704),