SHARES OUTSTANDING: 82 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, March 28 /CNW Telbec/ - Forest Gate Resources Inc. reports that
the company and its partners have been granted a new exploration licence,
Standard Exploration Licence No. 3/07, in the Celtic Sea Basin over the
The Irish Minister for Communications, Marine and Natural Resources has
approved the granting of a new Petroleum Exploration License to Providence and
its existing partners.
Standard Exploration License 3/07 has been granted over part blocks
48/29, 48/30 & 49/26 in the North Celtic Sea Basin. License No. 3/07 is a
successor license to Licensing Option 03/1, which contains the "Blackrock" oil
Providence, the operator, has also successfully concluded its Ocean
Bottom Seismic (OBS) Survey over the Blackrock oil discovery. The survey was
carried out in November 2006 by the Ocean Bottom Instrument Consortium (OBIC).
The data have since been processed and interpreted by OBIC. The results
support the post-drill interpretation of the 2004 Blackrock well and indicate
the potential presence of additional hydrocarbons between the existing well
In addition to the OBS data, multi-channel reflection seismic data were
acquired along two transects over the crest of the Blackrock structure. These
lines indicate that the crestal area is larger than had been previously mapped
and also indicates the possible presence of a gas chimney. These encouraging
data will now be factored into the assessment of future drilling plans and
The farm-in follows on from the recent announcements where Forest Gate
farmed into Standard Exploration License 2/07 on similar equity positions.
The participants in the license are: Providence Resources Plc. 40%
(Operator), Forest Gate Resources Inc. 15%, Challenger Minerals Ltd. 15%, Dyas
BV 15%, Atlantic Petroleum Ltd. 10% and Midmar Energy Ltd. 5%.
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),