Forest Gate Announces $500,000 Private Placement

    Shares outstanding: 142 Million
    Symbol & exchange: FGT-V

    MONTREAL, Feb. 4 /CNW Telbec/ - Forest Gate Resources Inc. (the
"Company") announces today that it will be undertaking a non-brokered private
placement, whereby the Company intends to raise up to $250,000 in Flow-Through
Shares and up to $250,000 in Units (the "Offering").
    Each Unit, priced at $0.02 per Unit (the "Units"), will consist of one
common share and one half share purchase warrant. Each warrant will be
exercisable into one common share for a period of 12 months from closing at an
exercise price of $0.05 per share. The Units will be issued pursuant to
applicable prospectus and registration exemptions and will be subject to a
four-month hold period.
    The Flow-Through Shares, priced at $0.03 each, will also be issued
pursuant to applicable prospectus and registration exemptions and will be
subject to a four-month hold period.
    The Company will also pay commissions and finders fees in connection with
this private placement, in accordance with the rules and regulations of the
TSX Venture Exchange and applicable regulatory
    It is anticipated that the financing will be completed on or before the
close of business on February 20, 2009. This financing is subject to the usual
regulatory approvals.
    The Company intends to utilize the proceeds from the private placement
for oil and gas exploration projects in Western Canada, and for working
capital purposes.

    About the Company

    Forest Gate Resources Inc. is an oil & gas exploration and production
company. The Company is seeking to increase shareholder value through
participation and development of oil & gas exploration and production projects
in Canada and internationally.


    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.
    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.

    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,

Organization Profile

Forest Gate Energy Inc.

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