Forest Gate Signs JOA with Celtic Sea Partners
News Desk
Shares outstanding: 82 Million SYMBOL & EXCHANGE: FGT-V
MONTREAL, July 5 /CNW Telbec/ - Forest Gate Resources Inc. ("Forest
Gate") announced today that the company has finalized and signed a
Joint Operating Agreement (JOA) with its Celtic Sea consortium
partners regarding it's upcoming oil & gas drilling program off the
coast of Southern Ireland.
Forest Gate owns a 15% working interest from Providence Resources PLC
in 2 standard exploration licenses pertaining to the Hook Head,
Helvick, Ardmore, Dunmore, Rushane and Blackrock prospects all of
which are known-hydrocarbon bearing reservoirs. The other partners are
all European based and include, Challenger Minerals (CMI), Dyas B.V.
Exploration & Production and Atlantic Petroleum.
Forest Gate is currently seeking to secure financing for its share of
the 2007 Celtic Sea drill program. The company has, to date, paid in
excess of $2 million to participate in the project.
Drilling is expected to commence in August 2007 on Hook Head, the
priority drilling target, which has potential recoverable resources of
up to 70 million barrels of oil and 200 billion standard cubic feet of
gas. The Petrolia Rig will be used for this drill program.
The company continues to exploit its 100% owned Saskatchewan diamond
properties, which include the East Side and West Side properties at
the Fort a la Corne kimberlite field, the largest of its kind in the
world, as well as the South Side property located just southeast of
the field. Although there is no current program planned for these
diamond properties, the company considers them valuable.
In other news, the company announces the departure of its corporate
secretary and director, John Mavridis, who has left the company and
the board to pursue other ventures. "John has been with Forest Gate
since the beginning, and played an integral role in helping bring the
company to where it is today." said Michael Judson, President & CEO of
Forest Gate. "We sincerely wish him the best with his future
endeavors".
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.
Forward-Looking Statements
This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual results
to differ materially from expectations include the effects of general
economic conditions, actions by government authorities, uncertainties
associated with contract negotiations, additional financing
requirements, market acceptance of the Company's products and
competitive pressures. These factors and others are more fully
discussed in Company filings with Canadian securities regulatory
authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
For further information
Robert Kramberger, V-P, Investor Relations, 1-866-666-3040,
rkram...@forestgate.ca, www.forestgate.ca