SHARES OUTSTANDING: 118 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Jan. 17 /CNW Telbec/ - Forest Gate reports that they will be
participating in follow-up meetings with their Celtic Sea partners to continue
discussing the development program for Hook Head and to determine drilling
As reported in a news release dated, October 11, 2007, appraisal well
50/11-3 on the Hook Head field contains a significant oil accumulation in a
high quality reservoir. The hydrocarbon type recovered is confirmed as
good-quality 30 degree API oil with associated gas. During preliminary
evaluation of Hook Head, hydrocarbons were encountered over a 484 ft. gross
interval in the main target zone with 75 ft. net hydrocarbon bearing section.
The Hook Head structure is split evenly into three distinct fault blocks,
the Northern, Southern and Central panels. Wells 50/11-1 and 50/11-2, drilled
by Marathon Oil and Gas in the 1970s, and appraisal well 50/11-3, drilled by
Forest Gate and Celtic Sea partners, targeted the central fault block of Hook
Head. Future wells drilled on the Northern and Southern panels of Hook Head
would seek to confirm the presence of hydrocarbons and the continuity of
Furthermore, the success of Hook Head would justify economic development
of the additional Celtic Sea fields. Forest Gate has a 7.5% interest in two
licenses in the Celtic Sea, Ireland. These licenses include, in addition to
the Hook Head discovery, three discoveries which have flowed oil and gas. For
example, Dunmore and Helvick, which are both within 40 km of Hook Head, have
both flowed oil, while Ardmore has flowed gas. In addition, there are two
other oil prospects, Blackrock and Rushane. Blackrock has the potential to be
an even larger field than Hook Head.
Given the positive reappraisal of the Hook Head field, these additional
oil & gas discoveries could prove economical and could be tied into the
infrastructure that will be put into place for Hook Head production.
Forest Gate and the consortium were previously granted a licensing option
over acreage surrounding Hook Head. The operator, Providence Resources, has
carried out regional mapping over the area and has indicated a number of
significant leads and prospects which could be similar to the Hook Head
Forest Gate's additional properties include two Alberta gas properties,
Nevis and Ferrybank and its Saskatchewan diamond properties. Forest Gate
continues to exploit its 100% owned Saskatchewan diamond properties. Although
there is no current program planned for these diamond properties, the company
considers them valuable.
"It has been quite a year for Forest Gate, evolving into an international
oil & gas company with a major offshore oil discovery, and nearing production
with our Alberta gas properties," said Michael Judson, President and CEO of
Forest Gate. "The momentum is building to make 2008 an even more eventful year
for the company and its shareholders."
Please visit www.forestgate.ca to see a new video featuring Michael
Judson, President and CEO of Forest Gate.
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.
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