Shares outstanding: 118 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Feb. 19 /CNW Telbec/ - Forest Gate Resources Inc. is pleased to
announce that it has commissioned the services of AJM Petroleum Consultants to
prepare a National Instrument 51-101 compliant report on its Celtic Sea,
Ireland and Alberta oil & gas properties.
The purpose of this report is to better inform the public of Forest
Gate's international oil & gas resources and/or reserves. This disclosure
document will also assist the Company in planning future activity.
AJM will evaluate Forest Gate's Alberta properties, including its
four Nevis coalbed methane producing wells and its Ferrybank oil discovery.
AJM will also evaluate Forest Gate's Irish properties, including all
fields contained in Standard Exploration License 2/07 and 3/07, particularly
the Hook Head oil discovery.
With regards to the Hook Head oil discovery, Forest Gate recently
announced that it has secured a semi-submersible rig for a drilling campaign
in the Celtic Sea during the summer of 2008. The contract consists of
two wells plus an option on a third well. The primary objective of the
drilling campaign will be to further appraise the Hook Head oil accumulation.
Depending on the outcome of this appraisal program, the partners may then
elect to drill a further appraisal well on the adjacent Dunmore East
50/6-1 oil discovery, located some 20 kilometres north of the Hook Head
"Bringing AJM onboard as consultants will bolster our technical support,"
said Michael Judson, President and CEO of Forest Gate. "And provide us with
the reporting documents we need to pursue projects such as the upcoming summer
2008 Hook Head drill program."
About AJM Petroleum Consultants
AJM Petroleum Consultants is a privately owned Calgary-based company,
providing a full spectrum of evaluation services to the oil and gas industry
since 1999. As a leader in both probabilistic and deterministic perspectives
on reserves, they have extensive experience in evaluating corporate reserves,
acquisitions and divestitures, and unconventional resources such as coalbed
methane and shale gas. www.ajma.net
About Forest Gate Resources
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,
1-866-666-3040, email@example.com, www.forestgate.ca