Forest Gate Closes $3 Million Non-Brokered Private Placement

Montreal, QC - October 22, 2007 - Forest Gate Resources Inc. ("Forest Gate" or the "Company") is pleased to announce that it has closed the second and final tranche of its proposed $3 million non-brokered private placement which was announced in a news release dated September 14, 2007. The total proceeds raised from the first and second tranche amounted to $3 million. Conditional consent to this private placement was issued by the TSX Venture Exchange on September 27, 2007.

In the second tranche, the Company has issued 18,385,414 units at a price of $0.13 per unit, for total gross proceeds of $2,390,104. Each Unit is comprised of one common share and one common share purchase warrant of the Company, with a hold period expiring February 19, 2008. Each share purchase warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.17 per share with an expiry date of October 18, 2009.

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

        (i)  a cash finder's fee of $131,632.
        (ii)  1,012,557 finder's fee warrants. Each finder's fee warrant entitles the
               holder to purchase one Unit of the Corporation at a price
               of $0.13 until October 18, 2009.

"The proceeds from this financing enables Forest Gate to meet all financial obligations with respect to the 2007 Celtic Sea project, we are fully up-to-date in meeting our cash calls," said Michael Judson, President and CEO of Forest Gate. "It also opens the door to pursuing other compelling projects."

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, President and CEO of 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:

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.