Forest Gate Receives Notice of Default

Company Still Has 60 Days to Fund

Montreal, QC - October 4, 2007- Forest Gate Resources Inc. reports that, in accordance with the Joint Operating Agreement ("JOA") dated June 29, 2007, it has been issued a Notice of Default for inability to pay its September 17, 2007 cash call within a specified period of time from Operator, Providence Resources Plc.

"Although at this time we are out-of-phase with funding requirements for the Celtic Sea project, our ability to raise approximately $2.5 million to date is a testament to the strength of our retail investor support," says Michael Judson, President and CEO of Forest Gate. "While this is a disappointment to management and shareholders alike, we expect to be able to fully fund our outstanding balance within sixty days and therefore maintain our 7.5% interest."

Under the terms of the JOA, Forest Gate has sixty days from the notice date of October 2, 2007 to remedy the default by paying the full amount of the outstanding balance to the Operator, Providence. In the event that the default continues for more than sixty days Forest Gate faces possible forfeiture of their interest in the Celtic Sea project.

Forest Gate is continuing its efforts to fill the second tranche of its non-brokered private placement announced in a news release dated September 14, 2007. Forest Gate closed the first tranche of the private placement with gross proceeds of $609,960.

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.