SHARES OUTSTANDING: 123 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, March 27 /CNW Telbec/ - Forest Gate Resources Inc. reports that
its co-owned Ferrybank well went on production on Monday, March 24, 2008. The
well produced approximately 135 barrels of oil in the first 36 hours, which
appears to be 100% oil, as the original sample indicated no water.
It is too early to determine whether this rate of production will be
sustained. The operator will now spend the next week monitoring the production
rate, allowing it to stabilize.
"We've now gone from oil discovery to oil production", said Michael
Judson, President and CEO of Forest Gate. "What started as a happy surprise at
Ferrybank is now delivering rewards."
Forest Gate holds 37.5% interest in the Ferrybank well.
About the Company
Forest Gate Resources Inc. is an international 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 Ireland and Canada. The Company's shares trade under the symbol
FGT on the TSX Venture Exchange.
All figures such as drilling results and production rates have been
reported by, Shelby Beattie, President and CEO of operator, Emerald Bay
BOEs and BOEPD 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.
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, V-P, Investor Relations,
1-866-666-3040, email@example.com, www.forestgate.ca