Forest Gate Energy Announces Non-Brokered Private Placement

<p><location>MONTREAL</location>, <chron>Sept. 21</chron> /CNW Telbec/ - <person>Forest Gate</person> Energy Inc. ("<person>Forest Gate</person>" or the "Company") announces that it will be undertaking a non-brokered private placement whereby the Company intends to raise up to <money>$600,000</money> at a price of <money>$0.15</money> per unit (the "Units"). Subject to approval by the TSX Venture Exchange, the Units will be issued pursuant to applicable prospectus and registration exemptions and will be subject to a four-month hold period.</p>
<p>Each Unit is comprised of one common share and one common share purchase warrant of the Company. Each share purchase warrant will entitle the holder to purchase one additional common share of the Company at a price of <money>$0.25</money> per share for a period of two years after issuance.</p>
<p>The Company may pay, where appropriate, cash finder fees subject to TSX Venture Exchange approval.</p>
<p>The Company intends to utilize the proceeds from the private placement for exploration and working capital purposes.</p>
<p>About <person>Forest Gate</person> Energy</p>
<p><person>Forest Gate</person> Energy Inc. is a publicly listed oil & gas exploration and production company trading on the TSX Venture Exchange under the symbol FGE with 15.2 million shares outstanding. The Company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in <location>Canada</location> and internationally.</p>
<p>Certain statements regarding <person>Forest Gate</person>, including management's assessments of future plans and operations and Forest Gate's anticipated financial performance, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Forest Gate's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.</p>
<p>Such factors include, but are not limited to: the impact of general economic conditions in <location>Canada</location> and the <location>United States</location>; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Forest Gate's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.</p>
    Neither TSX Venture Exchange nor its Regulation Service Provider (as that
    term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or the accuracy of this release. This
    transaction is subject to TSX Venture Exchange Approval.

For further information: For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040,;

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