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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