Forest Gate Energy Inc. (TSXV:FGE)
Historical Stock Chart
From Jun 2019 to Jun 2024
CALGARY, July 21, 2011 /CNW/ --
SYMBOL & EXCHANGE: FGE-V
CALGARY, July 21, 2011 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV:
FGE) reports that it has amended its participation in the oil and gas
licenses located in areas known as Rangeview, Divide and Katherine in
the south western region of the Province of Saskatchewan.
As a result of this arrangement with Trafina Energy Ltd., the majority
owner and operator of the oil and gas licenses, Forest Gate will reduce
its non-operated ownership from a 20 percent undivided working interest
to a 10 percent undivided working interest in the licenses, which
encompass the original acreage, as well as seven additional sections
recently acquired in south western Saskatchewan. The remaining 90
percent interest is owned and operated by Trafina Energy.
With this arrangement, Forest Gate's ten percent interest has now been
expanded to include additional Petroleum and Natural Gas Leases as part
of an Inclusion Agreement signed with Trafina on July 1, 2011. These
include seven new sections offsetting the existing land block in south
western Saskatchewan.
By reducing its participation and the associated financial commitments
to 10 percent, Forest Gate will use the savings from the operating
costs to pursue other oil and gas opportunities with the ultimate goal
of becoming an operator on its own properties.
"The original acquisition has provided Forest Gate with a great
opportunity to expand its oil and gas interests in Western Canada and
allowed us to make vital new contacts as we pursue our plans to
eventually become an operator," said Michael Judson, President Chief
and Executive Officer of Forest Gate. "Reducing our capital commitments
to 10% now makes it less demanding in meeting our obligations, as we
continue with our partner to develop the properties. And with the newly
acquired sections, Forest Gate remains poised to achieve its target
goals of production over the next eighteen months."
About Forest Gate
Forest Gate Energy Inc. is a publicly listed oil and gas exploration and
production, and non-energy resource company trading on the TSX Venture
Exchange under the symbol FGE. The Company is seeking to increase
shareholder value through participation and development of energy and
other resources in Canada and internationally.
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.
To view this news release in HTML formatting, please use the following URL: http://www.cnw.ca/en/releases/archive/July2011/21/c6756.html
p ROBERT KRAMBERGER, V-P, INVESTOR RELATIONSbr/ 1-866-666-3040br/ a href="mailto:rkramberger@forestgate.ca"urkramberger@forestgate.ca/u/abr/ a href="http://www.forestgate.ca"uwww.forestgate.ca/u/a /p