SHARES OUTSTANDING: 142 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Aug. 5 /CNW Telbec/ - Forest Gate Resources Inc. and its Celtic
Sea partners announce that they have commenced drilling their first well in a
multi-well drilling program in Standard Exploration License 2/07 in the North
Celtic Sea Basin, offshore Ireland.
Using the Transocean semi submersible GSF Arctic II semi-submersible rig,
drilling operations on the initial Hook Head appraisal well (50/11-4)
commenced at 12:00pm (London time) on Tuesday, August 5th.
Following completion of this well, a further appraisal well, (50/6-4), is
planned to be drilled on the nearby Dunmore oil accumulation, located
approximately 20 kilometres to the north of the Hook Head oil accumulation.
It is anticipated that the multi-well drilling program will take up to
3 months, which includes a provision for a comprehensive wireline logging and
While Forest Gate remains in default status for non-payment on current
cash calls for the Celtic Sea project (see July 29, 2008 News Release), the
company will continue its efforts to fund its 7.5% commitment to this summer's
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.
About Forward-Looking Information and Statements
This news release contains forward-looking statements, within the meaning
of applicable securities laws, that address goals, expectations or projections
about the future. The use of any of the words "expect," "anticipate,"
"continue," "estimate," "objective," "ongoing," "may," "will," "project,"
"should," "believe," "plans," "intends," "might," and similar expressions are
intended to identify forward-looking information or statements. In particular,
but without limiting the foregoing, this news release contains forward-looking
statements with regard to cash flow, capital spending, debt and debt
repayment, strategic alternatives, drilling opportunities and business plans.
The forward-looking information and statements included in this news release
are not guarantees of future performance and should not be unduly relied upon.
The forward-looking statements contained in this news release are based
on Forest Gate's current goals, expectations, estimates, assumptions and
projections and involve a number of risks and uncertainties that could cause
actual results to differ materially from those anticipated and described in
the forward-looking statements. Such risks and uncertainties include, without
limitation: volatility in market prices for oil and natural gas; volatility or
fluctuation in oil and natural gas production levels; volatility in currency
exchange rates; liabilities and risks inherent in oil and natural gas
operations, including geological, technical, drilling and processing problems;
uncertainties associated with estimating reserves; competition for, among
other things, capital, acquisitions, reserves, undeveloped land and skilled
personnel; incorrect assessments of the value of acquisitions; Forest Gate's
success at the acquisition, exploration and development of reserves; changes
in market, economic and business conditions; and actions by governmental or
regulatory authorities including changes in tax laws or incentive programs.
The foregoing list of assumptions, risks and uncertainties is not exhaustive.
Additional information on these and other factors which could affect
operations or financial results are included under the heading "Risk Factors"
in Forest Gate's Annual Information Form as filed under Forest Gate's profile
on www.sedar.com. Additional information may also be found in Forest Gate's
other reports on file with Canadian securities regulatory authorities.
The forward-looking statements included in this news release speak only
as of the date of this news release, and Forest Gate assumes no obligation to
publicly update or revise them to reflect news events or circumstances, except
as may be required pursuant to applicable laws.
For further information:
For further information: Robert Kramberger, V-P, Investor Relations,
1-866-666-3040, firstname.lastname@example.org, www.forestgate.ca