Forest Gate Withdraws Offer To Acquire Oil and Gas Assets
December 26 2011 - 8:19PM
PR Newswire (Canada)
SYMBOL & EXCHANGE: FGE-V CALGARY, Dec. 30, 2011 /CNW Telbec/ -
Forest Gate Energy Inc. reports that its energy group has withdrawn
its offer to acquire oil and gas assets from Sandbox Energy Corp.
of Calgary. The decision follows due diligence. Forest Gate says it
believes it can pursue a new deal with Sandbox, but likely on the
basis of revised terms. "The original deal (see news release,
Dec.13, 2011) was complicated," said Michael Judson, President and
CEO of Forest Gate. "I think we can collectively come up with
something that is much simpler." "We like Chris Tesarski and the
Sandbox assets and welcome a revised proposal," said Judson. In the
meantime, the company says it will continue to pursue financing to
enable its mineral exploration group to advance the company's 100
percent-owned iron ore projects located in Abitibi, Quebec. About
Forest Gate Energy Forest Gate Energy Inc. is a publicly listed oil
and gas exploration and production, and non-energy resource company
trading on the TSX Venture Exchange under the symbol FGE. The
Company is seeking to increase shareholder value through
participation and development of energy and other resources in
Canada and internationally. FORWARD-LOOKING STATEMENTS Certain
statements regarding Forest Gate, including management's
assessments of future plans and operations and Forest Gate's
anticipated financial performance, may constitute forward-looking
statements under applicable securities laws and necessarily involve
known and unknown risks and uncertainties, most of which are beyond
Forest Gate's control. These risks may cause actual financial and
operating results, performance, levels of activity and achievements
to differ materially from those expressed in, or implied by, such
forward-looking statements. Such factors include, but are not
limited to: the impact of general economic conditions in Canada and
the United States; industry conditions including changes in laws
and regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced;
competition; the lack of availability of qualified personnel;
fluctuations in commodity prices; the results of exploration and
development drilling and related activities; imprecision in reserve
estimates; the production and growth potential of Forest Gate's
various assets; fluctuations in foreign exchange or interest rates;
the ability to access sufficient capital from internal and external
sources; and obtaining required approvals of regulatory
authorities. Neither TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
the accuracy of this release. FOREST GATE ENERGY INC. CONTACT:
MICHAEL JUDSON PRESIDENT &
CEO1-866-666-3040MJUDSON@FORESTGATE.CAWWW.FORESTGATE.CA
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