SHARES OUTSTANDING: 123 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, March 12 /CNW Telbec/ - Forest Gate Resources Inc. reports that
it has entered into a third joint venture agreement with Emerald Bay Energy
Inc., Calgary, to acquire a 38% working interest in the Kelsey exploration
well in Alberta.
The plan is to drill a single Wabamun well at 01-23-43-18W4M to a total
depth of 460m TVD. The primary objective is exploration for gas in the Belly
River formations. If the well is successful it could be classified as a
shallow, sweet, Belly River gas well. The Kelsey exploration well is located
in Twp 44, Rge 18 W4M, approximately 65 miles SE of Edmonton, Alberta.
Forest Gate also has a 10% before payout interest in four Nevis coalbed
methane wells which are currently producing a combined volume of just over
500 mcf of natural gas per day. This production rate is building and will
continue to build over the next six months.
In addition to the producing Nevis wells, Forest Gate has a 37.5% before
payout interest in the Ferrybank oil discovery, which recently swabbed about
92 barrels of crude oil with burnable gas. Further development work is
currently being done on this well.
Forest Gate's participation in the Kelsey well is part of its strategy of
developing low risk, Canadian hydrocarbon production while focusing on
developing and participating in high impact international plays.
About the Company
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.
All figures such as drilling results and production rates have been
reported by, Shelby Beattie, President and CEO of operator, Emerald Bay
This news release contains certain forward-looking statements, including
statements regarding the business and anticipated financial performance of the
Company. These statements are subject to a number of risks and uncertainties.
Actual results may differ materially from results contemplated by the
forward-looking statements. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the foregoing
factors and other uncertainties and should not place undue reliance on such
forward-looking statements. The Company does not undertake to update any
forward looking statements, oral or written, made by itself or on its behalf.
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