Forest Gate Closes Non-Brokered Private Placement

Montreal, QC - July 24, 2007 - Forest Gate Resources Inc. ("Forest Gate" or the "Company") is pleased to announce that it has closed the first tranche of its proposed $1.5 million non-brokered private placement which was announced in a news release dated July 18, 2007.

In the first tranche, the Company has issued 7,538,333 units at a price of $0.12 per unit, for total gross proceeds of $904,599.96. Each Unit is comprised of one common share and one common share purchase warrant of the Company, with a hold period expiring November 21, 2007. Each share purchase warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.15 per share with an expiry date of July 20, 2009.

At closing, the Company paid a finder's fee of the following:

(i) a cash commission of $67,088, equal to 8% of the proceeds on the Units

(ii) 559,067 finder's fee warrants, equal to 8% of the total number of units. Each finder's fee warrant entitles the holder to purchase one Unit of the Corporation at a price of $0.12 until July 20, 2009.

The Company expects to close an additional tranche shortly. The Company intends to utilize the proceeds from the private placement for general working capital purposes and to finance its commitment to its working interest in the Celtic Sea Oil & Gas Exploration License pursuant to the Joint Operating Agreement ("JOA") entered into with its Celtic Sea consortium partners, as previously announced on July 5, 2007. Please visit www.forestgate.ca to view a new video featuring Michael Judson, CEO and President of Forest Gate Resources.

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.

For more information please contact:
Robert Kramberger,
V-P, Investor Relations
866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca