Shares outstanding: 96 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Aug. 14 /CNW Telbec/ - Forest Gate Resources Inc. announced
today that the company and its Celtic Sea consortium partners, lead by
Providence Resources Plc, have taken delivery of the Petrolia semi-submersible
drilling rig from Island Oil and Gas Plc in anticipation of their upcoming
appraisal drilling program at the Hook Head prospect in the Celtic Sea.
Under the terms of the rig share agreement with Island Oil and Gas Plc,
the consortium members have secured the Petrolia Rig for a 50-day drilling
"The project is moving ahead as anticipated and I look forward to news
from Ireland in the very near future." said Michael Judson, President & CEO of
In other consortium news, Providence has agreed to a new farm-out
agreement with Sosina Exploration Limited over Celtic Sea Standard Exploration
Licenses 2/07 ('Hook Head') & 3/07 ('Blackrock'). Subject to Irish
governmental approval of this agreement, Sosina Exploration Limited will hold
a 5% stake in these licenses. Providence's equity stake will remain at 40%,
with Dyas BV at 15%, Atlantic Petroleum (Ireland Limited) at 10%, Forest Gate
Resources Inc. at 15% and Challenger Minerals (Celtic Sea) Limited at 15%.
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: Angela Colizza, Investor Relations Manager,
1-866-666-3040, email@example.com; www.forestgate.ca