SHARES OUTSTANDING: 142 Million
SYMBOL & EXCHANGE: FGT-V
MONTREAL, July 4 /CNW Telbec/ - Forest Gate Resources Inc. (the
"Company") reports that, in accordance with the Joint Operating Agreement
("JOA") dated June 29, 2007, it has been issued a Notice of Default from the
Operator for its failure to pay its June 3, 2008 cash call within a specified
period of time.
"We have informed our consortium partners that we will continue to try to
fund our share of this year's program through the sixty day default period,"
said Michael Judson, President and CEO of Forest Gate. "We continue to believe
that institutional oil investors will yet return to the market."
Under the terms of the JOA, Forest Gate has sixty days from the notice
date of July 3, 2008 to remedy the default by paying the full amount of the
outstanding balance to the Operator. In the event that the default continues
for more than sixty days, Forest Gate will forfeit its interest in the Celtic
A new video from Michael Judson, President and CEO of Forest Gate
Resources, will be available for viewing on the company's website
(www.forestgate.ca) on Monday, July 7.
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