Forest Gate Energy Inc.
Symbol & Exchange: FGE-V
Forest Gate Awarded New Licensing Option In Celtic Sea
Licensing Option 07/1 is adjacent to Hook Head
Montreal, QC - September 13, 2007 - Forest Gate Resources Inc., together with its Celtic Sea Partners, is pleased to announce that it has been granted a Licensing Option, 07/1, over part-blocks 49/15, 50/7, 8, 11, 12 & 13 in the North Celtic Sea Basin, offshore Ireland by the Minister of Communications, Energy and Natural Resources.
This new Licensing Option has a term of 1 year and covers an area of some 375 square kilometers. The Option is situated in an area immediately adjacent to Hook Head (held under SEL 2/07), where Forest Gate and its partners are currently testing the successfully drilled 50/11-3 appraisal well. The area contains a number of significant mapped leads and prospects at a similar level to those, which are hydrocarbon-bearing in the Hook Head Structure.
"This is an excellent strategic move taken by the consortium and has even more relevance and value given the success of our appraisal well," said Michael Judson, President and CEO of Forest Gate. "We also would like to remind shareholders that we own 7.5% of 5 additional reservoirs in the basin that could be rendered economic with the success of Hook Head."
The partners in this Licensing Option and their equity interests are* Providence Resources Plc (Operator) 43.5294%, Challenger Minerals (Celtic Sea) Limited 16.3235%, Dyas BV 16.3235%, Atlantic Petroleum (Ireland) Limited 10.8824%, Forest Gate Resources Inc. 7.5% and Sosina Exploration Limited 5.4412%.
* Subject to Ministerial consent
Please visit www.forestgate.ca to view a new video featuring Michael Judson, President and CEO.
(Appraisal well 50/11-3)
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.
