SYMBOL & EXCHANGE: FGE-V
CALGARY, March 13, 2012 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE) announces that it will file on SEDAR by March 21, 2012 amended and restated unaudited interim financial statements and management discussion and analysis for the quarter ended September 30, 2011 (collectively the "Amended Statements").
The Company's Amended Statements have been revised to reflect the following: 1) the presentation of the reduction of flow-through premiums as a part of the Amended Condensed Statement of Loss and Comprehensive Loss instead of as part of the Condensed Statement of Changes in Equity; 2) the impact of the error relating to interest on the convertible note which is now treated as equity on the Amended Statements; and 3) the corrected calculation of the loss on sale of interests in producing oil and gas properties to increase it from $496,289 to $542,739. The notes to the Amended Condensed Financial Statements have been changed accordingly.
The effect of these changes on the Amended Condensed Balance Sheet is an increase in the total assets of $33,350 due to an increase of the producing oil and gas assets. The total equity increased by the same amount, due to an increase in the share capital of $29,800 and a decrease in the deficit of $3,550.
The effects on the Amended Condensed Statement of Loss and Comprehensive Loss are a decrease in the net loss and comprehensive loss, for the nine months ended September 30, 2011, of $39,441 ($47,760 for the same period of 2010). These changes result in a decrease in the basic and diluted loss per share of $0.0009 for the nine months ended September 30, 2011 ($0.0017 for the same period of 2010). The decrease in the net loss and comprehensive loss is due to an increase in interest and other income of $50,000 (no changes for 2010), a decrease in the financial charges of $35,891 ($47,760 in the same period of 2010), offset by the increase in the loss on sale interests in producing oil and gas properties of $46,450 (no changes for 2010).
About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and production, and non-energy resource company trading on the TSX Venture Exchange under the symbol FGE. The Company is seeking to increase shareholder value through participation and development of energy and other resources 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.
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