Forest Gate Energy Inc.
Symbol & Exchange: FGE-V
Curtis Hartzler Joins Forest Gate as Chief Operating Officer and Director
Montreal, Quebec – June 25, 2009 – Forest Gate Resources Inc. ("Forest Gate") is pleased to report that it has appointed Curtis Hartzler, P. Eng. as Vice-President of Operations and Chief Operating Officer. Mr. Hartzler has also been appointed a director of Forest Gate.
Mr. Hartzler was most recently President and CEO of G2 Resources Inc. where he negotiated the purchase of Regal Energy Inc. to access more than $60 million of tax pools and launch the company on its growth plan of mergers and acquisitions, complemented by growth through exploration drilling.
As CEO of Goose River Resources Ltd., the predecessor of G2, Mr. Hartzler achieved an 80% rate of return for shareholders by focusing on tight gas in the Deep Basin and oil and gas reserves in the W5 area of Alberta. The production growth of the company created an imminent tax horizon for the company which was resolved by the negotiation and closing of a share exchange arrangement with Signal Energy Inc.
For nine years, Mr. Hartzler ran a private oil and gas company where he grew the assets from a starting point of $40 million to $250 million (8000 BOE per day), while paying dividends to the shareholders of $120 million. Prior, he was business development manager of Poco Petroleum Ltd. and negotiated the sale of the Penn West Petroleum Ltd. control share block to a private investment company in 1989 and then went on to become the President of Penn West. He hired a new management team to assist in the sale of minor assets, remediation of the balance sheet and drilled the company back to health.
"Curtis Hartzler is a highly experienced executive, engineer and senior operations manager," said Michael Judson, President and Chief Executive Officer of Forest Gate. "He has extensive contacts throughout the oil industry. He knows who to call to get things done."
"Michael Judson is a talented financier who knows how to identify outstanding opportunities and has the ability to finance them," said Curtis Hartzler. "Michael and I are going to build a superb oil company."
About Forest Gate Resources
Forest Gate Resources Inc. is an international oil & gas exploration and production company. 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. This transaction is subject to TSX Venture Exchange Approval.
