SHARES OUTSTANDING: 82 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, March 14 /CNW Telbec/ - Forest Gate reports that it has
received final TSX Venture Exchange approval for its transaction reported in
its February 22, 2007 news release.
As reported, Forest Gate will enter into a joint venture agreement to
acquire a 15% working interest in an off-shore international oil and gas
prospect in the Celtic Sea located off the south coast of Ireland.
Under the terms of the Agreement, Forest Gate will pay 3,600,000 common
shares of Forest Gate to Arriba and will enter into Consulting Agreements with
Art Bray and Robert Pek, Arriba Principals, so that Arriba relinquishes any
residual rights in the Joint-Venture with Providence.
A finder's fee of 18,000 shares has been paid.
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),