Forest Gate Remedies Default Notice - Company is now fully funded for 2007 Celtic Sea project


    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,

Organization Profile

Forest Gate Energy Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890