SHARES OUTSTANDING: 118 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Oct. 23 /CNW Telbec/ - Forest Gate Resources Inc. reports that,
in accordance with the Joint Operating Agreement ("JOA") dated June 29, 2007,
it has remedied the Notice of Default pertaining to its September 17, 2007
cash call from Operator, Providence Resources Plc.
As of today, Providence Resources P.l.c. has officially confirmed that
Forest Gate Resources has remedied their default and are currently up to date
with all cash call payments.
Forest Gate recently announced the closing of a $3 million private
placement that will fund their participation in the Celtic Sea into 2008.
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, firstname.lastname@example.org, www.forestgate.ca