Forest Gate Energy To Restate Financials For Q3 FY 2011

    




 SYMBOL & EXCHANGE: FGE-V 

 CALGARY, March 13, 2012 /CNW Telbec/ - Forest Gate Energy Inc.  announces that it will file on SEDAR by March 21, 2012 amended and  restated unaudited interim financial statements and management  discussion and analysis for the quarter ended September 30, 2011  (collectively the "Amended Statements"). 

 The Company's Amended Statements have been revised to reflect the  following: 1) the presentation of the reduction of flow-through  premiums as a part of the Amended Condensed Statement of Loss and  Comprehensive Loss instead of as part of the Condensed Statement of  Changes in Equity; 2) the impact of the error relating to interest on  the convertible note which is now treated  as equity on the Amended  Statements; and 3) the corrected calculation of the loss on sale of  interests in producing oil and gas properties to increase it from  $496,289 to $542,739. The notes to the Amended Condensed Financial  Statements have been changed accordingly. 

 The effect of these changes on the Amended Condensed Balance Sheet is an  increase in the total assets of $33,350 due to an increase of the  producing oil and gas assets.  The total equity increased by the same  amount, due to an increase in the share capital of $29,800 and a  decrease in the deficit of $3,550. 

 The effects on the Amended Condensed Statement of Loss and Comprehensive  Loss are a decrease in the net loss and comprehensive loss, for the  nine months ended September 30, 2011, of $39,441 ($47,760 for the same  period of 2010). These changes result in a decrease in the basic and  diluted loss per share of $0.0009 for the nine months ended September  30, 2011 ($0.0017 for the same period of 2010). The decrease in the net  loss and comprehensive loss is due to an increase in interest and other  income of $50,000 (no changes for 2010), a decrease in the financial  charges of $35,891 ($47,760 in the same period of 2010), offset by the  increase in the loss on sale interests in producing oil and gas  properties of $46,450 (no changes for 2010). 

 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. 

FOREST GATE ENERGY INC.


CONTACT:  L. Derek Lindsay,Vice President & [e-mail] 


    

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