Forest Gate Raises Additional Funds In Non-Brokered Private Placement

Montreal, QC - July 31, 2007 - Forest Gate Resources Inc. ("Forest Gate" or the "Company") is pleased to announce that it has closed the second tranche of its proposed $1.5 million non-brokered private placement which was announced in a news release dated July 18, 2007.

In the second tranche, the Company has issued 2,706,666 units at a price of $0.12 per unit, for total gross proceeds of $324,800. Each Unit is comprised of one common share and one common share purchase warrant of the Company, with a hold period expiring November 28, 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 27, 2009.

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

(i) a cash commission of $13,984.

(ii) 116,533 finder's fee warrants. Each finder's fee warrant entitles the holder to purchase one Unit of the Corporation at a price of $0.12 until July 27, 2009.

The Company may close a third 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
1-866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca

FORWARD-LOOKING STATEMENTS
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.