Forest Gate Energy has issued a total of 595,000 incentive stock options to its officers, directors and a consultant.
These incentive stock options are exercisable at $0.16 with an expiry date of February 12, 2015. There is an eighteen-month vesting period, which includes a four-month hold period expiring on June 13, 2010.
As part of Forest Gate's strategy to mobilize all resources towards drilling in Utah, executive managers, including Michael Judson and Donald Vandergrift have deferred their salaries since July 2009.
To further support this plan, all senior managers have participated in recent Forest Gate private placements.
In other news, the company wishes to announce the departure of Mr. Curtis Hartzler, who was formerly the company's Vice President, Operations. Mr. Hartzler has also resigned as a director of the company.
"Curt is an accomplished professional and we will miss him." said Michael Judson, Chief Executive Officer of Forest Gate Energy. "Forest Gate is well staffed on an operations and technical level with Don Vandergrift and Easton Wren."
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