SHARES OUTSTANDING: 19.4 MILLION
SYMBOL & EXCHANGE: FGE-V
MONTREAL, Dec. 17 /CNW Telbec/ - Forest Gate Energy Inc. ("Forest Gate") (TSXV: FGE) reports that pipeline construction operations recently began to tie in a well at Ferrybank 11-23-45-26 W4.
After 33 hours of testing, the well was flowing natural gas at a rate of 154,000 cubic feet per day. It is anticipated that tie in operations will be completed, and the well will be on production within two weeks. The operator is Calgary-based Emerald Bay Energy Inc.
Forest Gate has a 41.3 percent working interest at Ferrybank. Prior to this gas well, a discovery oil well has been in production since 2008.
The Ferrybank property is located approximately 40 miles South of Edmonton, Alberta.
About Forest Gate Energy
Forest Gate Energy Inc. is a publicly listed oil & gas exploration and production company trading on the TSX Venture Exchange under the symbol FGE with 19.4 million shares outstanding. The Company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Canada and internationally.
Certain statements regarding Forest Gate, 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.
Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; 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.
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.
SOURCE Forest Gate Energy Inc.
For further information: For further information: Robert Kramberger, V-P, Investor Relations, 1-866-666-3040, email@example.com, www.forestgate.ca