Forest Gate Clears Final Hurdle for Celtic Sea Acquisition

Forest Gate Resources said that it has received final TSX Venture Exchange approval for its planned acquisition of 15% working interest in an oil and gas prospect in the Celtic Sea, off the south coast of Ireland.

Under the terms of the Agreement, Forest Gate will pay 3,600,000 common shares of Forest Gate to Arriba and will enter into Consulting Agreements with Art Bray and Robert Pek, Arriba Principals, so that Arriba relinquishes any residual rights in the Joint-Venture with Providence.

A finder's fee of 18,000 shares has been paid.

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.

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