Forest Gate Energy Inc.
Symbol & Exchange: FGE-V
Forest Gate and Partners Begin Drilling Operations In Celtic Sea
Montreal, QC – August 5, 2008- Forest Gate Resources Inc. and its Celtic Sea partners announce that they have commenced drilling their first well in a multi-well drilling program in Standard Exploration License 2/07 in the North Celtic Sea Basin, offshore Ireland.
Using the Transocean semi submersible GSF Arctic II semi-submersible rig, drilling operations on the initial Hook Head appraisal well (50/11-4) commenced at 12:00pm (London time) on Tuesday, August 5th.
Following completion of this well, a further appraisal well, (50/6–4), is planned to be drilled on the nearby Dunmore oil accumulation, located approximately 20 kilometres to the north of the Hook Head oil accumulation.
It is anticipated that the multi-well drilling program will take up to 3 months, which includes a provision for a comprehensive wireline logging and testing program. While Forest Gate remains in default status for non-payment on current cash calls for the Celtic Sea project (see July 29, 2008 News Release), the company will continue its efforts to fund its 7.5% commitment to this summer’s drill program.
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
About Forward-Looking Information and Statements
This news release contains forward-looking statements, within the meaning of applicable securities laws, that address goals, expectations or projections about the future. The use of any of the words "expect," "anticipate," "continue," "estimate," "objective," "ongoing," "may," "will," "project," "should," "believe," "plans," "intends," "might," and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with regard to cash flow, capital spending, debt and debt repayment, strategic alternatives, drilling opportunities and business plans. The forwardlooking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon.
The forward-looking statements contained in this news release are based on Forest Gate's current goals, expectations, estimates, assumptions and projections and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such risks and uncertainties include, without limitation: volatility in market prices for oil and natural gas; volatility or fluctuation in oil and natural gas production levels; volatility in currency exchange rates; liabilities and risks inherent in oil and natural gas operations, including geological, technical, drilling and processing problems; uncertainties associated with estimating reserves; competition for, among other things, capital, acquisitions, reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions; Forest Gate's success at the acquisition, exploration and development of reserves; changes in market, economic and business conditions; and actions by governmental or regulatory authorities including changes in tax laws or incentive programs. The foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors which could affect operations or financial results are included under the heading "Risk Factors" in Forest Gate's Annual Information Form as filed under Forest Gate's profile on www.sedar.com. Additional information may also be found in Forest Gate's other reports on file with Canadian securities regulatory authorities.
The forward-looking statements included in this news release speak only as of the date of this news release, and Forest Gate assumes no obligation to publicly update or revise them to reflect news events or circumstances, except as may be required pursuant to applicable laws.
