Shares outstanding: 96 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Sept. 13 /CNW Telbec/ - Forest Gate Resources Inc., together
with its Celtic Sea Partners, is pleased to announce that it has been granted
a Licensing Option, 07/1, over part-blocks 49/15, 50/7, 8, 11, 12 & 13 in the
North Celtic Sea Basin, offshore Ireland by the Minister of Communications,
Energy and Natural Resources.
This new Licensing Option has a term of 1 year and covers an area of some
375 square kilometers. The Option is situated in an area immediately adjacent
to Hook Head (held under SEL 2/07), where Forest Gate and its partners are
currently testing the successfully drilled 50/11-3 appraisal well. The area
contains a number of significant mapped leads and prospects at a similar level
to those, which are hydrocarbon-bearing in the Hook Head Structure.
"This is an excellent strategic move taken by the consortium and has even
more relevance and value given the success of our appraisal well," said
Michael Judson, President and CEO of Forest Gate. "We also would like to
remind shareholders that we own 7.5% of 5 additional reservoirs in the basin
that could be rendered economic with the success of Hook Head."
The partners in this Licensing Option and their equity interests are(*)
Providence Resources Plc (Operator) 43.5294%, Challenger Minerals (Celtic Sea)
Limited 16.3235%, Dyas BV 16.3235%, Atlantic Petroleum (Ireland) Limited
10.8824%, Forest Gate Resources Inc. 7.5% and Sosina Exploration Limited
(*) Subject to Ministerial consent
Please visit www.forestgate.ca to view a new video featuring Michael
Judson, President and CEO.
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: Robert Kramberger, Investor Relations Manager,
1-866-666-3040, firstname.lastname@example.org, www.forestgate.ca