Forest Gate Energy Inc.
Symbol & Exchange: FGE-V
Forest Gate Energy Corporate Update
Montreal, Québec, July 6, 2010 - Forest Gate Energy Inc. is pleased to announce the appointments of Mr. Ron Goguen and Mr. Nicholas Powell as directors of the corporation. They effectively replace Mr. Robert Kramberger and Mr. Ed Ierfino, who served as interim members. Mr. Michael Judson remains as Chairman of the board of directors.
Furthermore, Robert Kramberger continues his role as Vice President Investor Relations, and Ed Ierfino remains as a consultant to the company.
Mr. Goguen is the founding shareholder of Landdrill International Inc’s predecessor company, and he has been President & CEO, and a Director of Landdrill since taking them public in March 2006. Ron purchased his first exploration drilling company, Ideal Drilling, in 1980. In 1981, he added a second exploration drilling company and increased sales and net income significantly. Those companies were combined to become Major Drilling Group International Inc., a publicly traded company that has traded on the TSX since March 1995 (TSX:MDI). Ron served as President and Chief Executive Officer until 2000 and during this time was a key driving force in building Major Drilling into one of the largest mineral drilling service companies in the world (33 operations in 15 countries). Since leaving Major Drilling in 2000, Ron has served as the President of Royal Oaks Real Estates Inc. and Royal Oaks Golf & Country Club. During 2006 Ron was appointed Chairman of the Board for Beaver Brook Antimony Mine Inc., and he remained so until bringing this operation into production during early 2008. Beaver Brook is the largest antimony mine outside of China. Now that this company is operating, management has been put in place to carry on it’s operation and Ron remains one of its Directors. Ron is currently a member of the board of directors of Northeast Bancorp (NBN: AMEX) and Saratoga Capital Management. During 1995 Ron was named Atlantic Canada's Entrepreneur of the year as presented by Governor General of Canada.
Mr. Powell has been a senior equity sales representative with major investment banks including Barclays de Zoete Wedd, UBS, CIBC World Markets and Merrill Lynch with postings in London, New York, Montreal and Toronto. He is a former member of the Board of Tri-Vision International and BV! Media.
Please note that Forest Gate Energy Inc. has relocated its offices to 2075 University Street, Suite 1212, Montreal, Quebec, Canada, H3A 2L1. Email and telephone remain the same.
About Forest Gate Energy
Forest Gate Energy Inc. is a publicly listed oil & gas exploration and production company trading on the TSX Venture Exchange under the symbol FGE with 28.2 million shares outstanding. The Company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Canada and internationally.
For more information please contact:
Robert Kramberger,
V-P, Investor Relations
1-866-666-3040
rkramberger@forestgate.ca
www.forestgate.ca
FORWARD-LOOKING STATEMENTS
Certain statements regarding Forest Gate, including management's assessments of future plans and operations and Forest Gate's anticipated financial performance, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Forest Gate's control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements.
Such factors include, but are not limited to: the impact of general economic conditions in Canada and the United States; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; competition; the lack of availability of qualified personnel; fluctuations in commodity prices; the results of exploration and development drilling and related activities; imprecision in reserve estimates; the production and growth potential of Forest Gate's various assets; fluctuations in foreign exchange or interest rates; the ability to access sufficient capital from internal and external sources; and obtaining required approvals of regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this release.
