MONTREAL, Sept. 14 /CNW Telbec/ -- Forest Gate Energy Inc. ("Forest Gate" or the "Company") is pleased to report that it has received conditional approval from the TSX Venture Exchange to acquire a 70% equity interest in all Arizona oil and gas licenses (the "Licenses") belonging to Vanterra Energy Inc. (the "Transaction"). See news release dated September 8, 2009 for further details on The Transaction.
Concurrently with the closing of the Transaction, which should be completed on or prior to September 25, 2009, Mr. Donald B. Vandergrift will be appointed President and Chief Operating Officer of Forest Gate and will join Forest Gate's Board of Directors. Dr. Easton A. Wren, Vice President, Exploration of Americas Petrogas Inc., will also join Forest Gate's Board of Directors. Mr. Michael C. Judson will remain Chairman and Chief Executive Officer of Forest Gate and Mr. Curtis Hartzler will be appointed Vice President, Operations.
"These significant additions to our management group is the result of more than two years of work," said Michael C. Judson, Chairman and Chief Executive Officer of Forest Gate. "Curtis Hartzler, Don Vandergrift and Easton Wren represent some of the best managers in their class. We have put into place a management team with a proven record of creating great shareholder value."
Mr. Donald B. Vandergrift is co-founder of EurOil Limited, a West African registered company in the Republic of Cameroon, and co-founder of EurOil's parent company, BowLeven Ltd, a UK company trading on the London's AIM Exchange with oil and gas operations in Cameroon and Gabon, West Africa. Additionally, Mr. Vandergrift has held positions as Senior Petroleum Engineer with the Bank of Montreal, Horizontal Drilling Engineer in Libya, Project Manager for a project involving the study of a depleted reservoir located in Argentina, and also Drilling & Production Engineer on projects in North Sea, Nigeria, Ghana, Ivory Coast and Egypt. He also coordinated the rehabilitation of 400 wells on a $120 million contract and introduced western technology to local oilfield practices in Russia.
Dr. Easton A. Wren was born and educated in Scotland where he received a BSc in Geology and a PhD in Geophysics from the University of Glasgow. He worked in North and East Africa in oil and gas and mineral exploration before coming to Canada in the late 1960's. He spent many years with large oil companies (Amoco and PanCanadian), his own consulting company Petrel Consultants and currently is Vice President, Exploration of Americas Petrogas Inc., a Calgary junior company with oil and gas operations in Argentina and a potash project in Peru. He was formerly a non-Executive director of BowLeven Ltd.
Dr. Wren taught occasional semesters at the University of Calgary, the University of Kansas and Mount Royal College and many industry courses to oil company personnel. He produced his own television program in Calgary for several years and is a former President of the Canadian Society of Exploration Geophysicists and a former Distinguished Lecturer for the American Association of Petroleum Geologists.
About Forest Gate Energy
Forest Gate Energy Inc. is a publicly listed oil & gas exploration and production company trading on the TSX Venture Exchange under the symbol FGE with 15.2 million shares outstanding. The Company is seeking to increase shareholder value through participation and development of oil & gas exploration and production projects in Canada and internationally.
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.