SHARES OUTSTANDING: 25 MILLION
SYMBOL & EXCHANGE: FGE-V
MONTREAL, Feb. 12 /CNW Telbec/ - Forest Gate Energy Inc. announced today that it has issued a total of 595,000 incentive stock options to its officers, directors and a consultant.
These incentive stock options are exercisable at $0.16 with an expiry date of February 12, 2015. There is an eighteen-month vesting period, which includes a four-month hold period expiring on June 13, 2010.
As part of Forest Gate's strategy to mobilize all resources towards drilling in Utah, executive managers, including Michael Judson and Donald Vandergrift have deferred their salaries since July 2009.
To further support this plan, all senior managers have participated in recent Forest Gate private placements.
In other news, the company wishes to announce the departure of Mr. Curtis Hartzler, who was formerly the company's Vice President, Operations. Mr. Hartzler has also resigned as a director of the company.
"Curt is an accomplished professional and we will miss him." said Michael Judson, Chief Executive Officer of Forest Gate Energy. "Forest Gate is well staffed on an operations and technical level with Don Vandergrift and Easton Wren."
About Forest Gate Energy
Forest Gate Energy Inc. is a publicly listed oil & gas exploration and production company trading on the TSX Venture Exchange under the symbol FGE with 25 million shares outstanding. The Company 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.
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.
SOURCE Forest Gate Energy Inc.
For further information: For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040, email@example.com; www.forestgate.ca