Shares outstanding: 142 Million
Symbol & exchange: FGT-V
MONTREAL, June 4 /CNW Telbec/ - Forest Gate Resources Inc. ("Forest
Gate") reports that, following further due diligence, it has terminated its
agreement with Angus Energy LLP, as disclosed in a news release dated May 12,
Forest Gate further reports that it remains interested in the High Island
98-L project located in Gulf of Mexico off the coast of Texas, and the
gathering system and terminal facility that complements it.
Additionally, Forest Gate will continue to pursue a merger with a company
with a qualified operations and technical team. The company will also continue
its work at identifying undervalued and orphaned assets in the Gulf of Mexico
Forest Gate is proceeding with its previously announced financing
disclosed in the June 2, 2009 news release.
About Forest Gate Resources
Forest Gate is an international oil & gas exploration and production
company. It is seeking to increase shareholder value through participation and
development of oil & gas exploration and production projects in Canada and
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.
Such factors include, but are not limited to: the impact of general
economic conditions in Canada and the United States; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are interpreted
and enforced; competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and development
drilling and related activities; imprecision in reserve estimates; the
production and growth potential of Forest Gate's various assets; fluctuations
in foreign exchange or interest rates; the ability to access sufficient
capital from internal and external sources; and obtaining required approvals
of regulatory authorities.
Among other things, the economic viability of these properties has not
been established and there is no guarantee that it will be. Accordingly,
Forest Gate gives no assurance nor makes any representations or warranty that
the expectations conveyed by the forward-looking statements will prove to be
correct and actual results may differ materially from those anticipated in the
forward looking statements. 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. Forest Gate does
not undertake to publicly update or revise any forward-looking statements.
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
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.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
1-866-666-3040, email@example.com; www.forestgate.ca