Forest Gate Gets Conditional Approval for Arizona Oil Acquisition
Forest Gate Energy 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").
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.