SHARES OUTSTANDING: 118 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Dec. 18 /CNW Telbec/ - Forest Gate Resources Inc. reports the
drilling of a single well on a potential oil and gas target with partner
Emerald Bay Energy Inc., Calgary. This represents the second joint venture
signed this year with Emerald Bay.
The Ferrybank property, which potentially hosts hydrocarbons, either oil
or gas, in Glauconitic and Cardium formations, is located approximately
40 miles South of Edmonton, Alberta.
Drilling operations have commenced at Ferrybank on a Glauconitic test
well in section 23-45-26 W4. This directional well will be drilled to an
approximate total vertical depth of 1470 meters, and drilling time is
estimated to be 8 days. This well has multi-zone potential that includes the
Belly River, Cardium, and Glauconitic formations.
The well directly offsets 2 highly productive wells. To the Northwest, a
Cardium well drilled in 1999, after clean-up, had an initial production rate
over 3.5 million standard cubic feet per day. To the Southeast, a Glauconitic
well drilled in 2006 had an initial production rate over 1.2 million standard
cubic feet per day(*).
"Ferrybank and Nevis both fit in with our plan of bolting on low-risk
Canadian production, while we continue our focus on higher impact
international plays," said Michael Judson, President and CEO of Forest Gate.
Forest Gate holds a 37.5% interest in the Ferrybank property before
payout and an 18.75% interest after payout, subject to gross overriding
(*) Initial production rates are quoted from Accumap, a geological
program used throughout the Alberta industry,
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.
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.
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