Forest Gate Terminates LOI with Angus, on the Prowl for Offshore Assets

Forest Gate reported that, following further due diligence, it has terminated its agreement with Angus Energy LLP, as disclosed in a news release dated May 12, 2009.

Forest Gate further reports that it remains interested in the High Island 98-L project located in Gulf of Mexico off the coast of Texas, and the gathering system and terminal facility that complements it.

Additionally, Forest Gate will continue to pursue a merger with a company with a qualified operations and technical team. The company will also continue its work at identifying undervalued and orphaned assets in the Gulf of Mexico and elsewhere.

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