Forest Gate Closes $150,000 Financing

SYMBOL & EXCHANGE: FGE-V

CALGARY, AB, Sept. 23, 2011 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE) reports that it has completed a non-brokered private placement by issuing an aggregate of 2,500,000 mineral flow through units (the "Units") at an issue price of six cents ($0.06) per Unit for gross proceeds to Forest Gate of $150,000.

Each Unit consists of one common share with a deemed issue price per share of six cents ($0.06), and one common share purchase warrant entitling the holder to acquire one additional common share at an exercise price of twelve cents ($0.12) for a period of two years. The Units will be subject to a four-month hold period.

Proceeds will be used to incur eligible expenditures on Forest Gate's 100% owned Pershing Gold Property located near Val d'Or, Quebec.

As a result of this private placement, there are 76,288,964 common shares of Forest Gate issued and outstanding.

In connection with the closing of the private placement, Forest Gate paid a cash commission of $15,000 and also issued 250,000 Broker Warrants to EMD Financial Inc. Each Broker Warrant is exercisable into one common share of the Corporation at a price of $0.06, until September 23, 2013.

All of the securities issued in connection with the private placement are subject to a four month hold period expiring on January 24, 2012.

This private placement is subject to receipt of final TSX Venture Exchange approval.

About EMD Financial
EMD Financial is an exempt market dealer, registered in Quebec and serving clients in Quebec, Ontario and Alberta. EMD specializes in equity private placement financings for publicly traded microcap opportunities in the resource sector. Furthermore, EMD offers consulting services on mergers, acquisitions and investment banking catered specifically to the client's situation.

About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and production, and non-energy resource company trading on the TSX Venture Exchange under the symbol FGE. The Company is seeking to increase shareholder value through participation and development of energy and other resources in Canada and internationally.

FORWARD-LOOKING STATEMENTS
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.

SOURCE FOREST GATE ENERGY INC.

For further information:

ROBERT KRAMBERGER, V-P, INVESTOR RELATIONS
1-866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca

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FOREST GATE ENERGY INC.

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