SHARES OUTSTANDING: 118 MILLION
SYMBOL & EXCHANGE: FGT-V
MONTREAL, Nov. 20 /CNW Telbec/ - Forest Gate Resources Inc. announces
that it has spudded the first of four coalbed methane (CBM) wells in the Nevis
area of Alberta, in which the company holds a 5% interest.
These wells directly offset, or are being drilled adjacent to, existing
highly productive CBM wells. The 4 wells will take approximately 12 days to
drill, case and cement, and will be drilled in succession beginning with
1-21-39-22 W4M. Completion operations will commence directly after drilling
operations. The Operators, Emerald Bay Energy Inc., are moving forward with
pipeline licenses so the wells will be tied-in and producing before year end.
All four wells are being drilled in the Horseshoe Canyon, which has the
largest deposits of coalbed methane in Canada. Estimates for the amount of gas
from coalbed methane that can be recovered from this area in its entirety are
between six and fifteen trillion cubic feet(*).
"This fully funded program represents just the beginning of similar
projects for Forest Gate," said Michael Judson, President and CEO of Forest
Gate. "These could rapidly become producing wells, generating a steady cash
flow as we continue pursuing higher impact international plays."
(*) Energy Brief- Horseshoe Canyon- The Potential for Coalbed Methane
Development, National Energy Board, June 2007
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