Forest Gate Raises Additional Funds In Non-Brokered Private Placement

Montreal, QC - August 13, 2007 - Forest Gate Resources Inc. (the "Company") is pleased to announce that it has closed the third and final tranche of its proposed $1.5 million non-brokered private placement which was announced in a news release dated July 18, 2007. The total proceeds raised from the three tranches amounted to $1,625,400, with an oversubscription of $125,400.

In the third tranche, the Company has issued 3,300,000 units at a price of $0.12 per unit, for total gross proceeds of $396,000. Each Unit is comprised of one common share and one common share purchase warrant of the Company, with a hold period expiring December 11, 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 August 10, 2009.

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

(i) a cash commission of $28,800.

(ii) 240,000 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 August 10, 2009.

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.

In other news, the Company announces that Jean Girard has resigned from the Forest Gate board of directors. "Jean Girard has been with the company since the beginning and has added great value to our business." said Michael Judson, President and CEO of Forest Gate. "Jean is a mineral exploration geologist, so with the company's expansion into oil and gas, he felt it was time to move on. We sincerely wish Jean all the best in his future endeavors and thank him for his great contribution to Forest Gate."

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:
Angela Colizza,
Investor Relations Manager
1-866-666-3040
acolizza@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.