Forest Gate Energy Inc. reports that it has entered into an exclusive option agreement with a private Denver, Colorado-based oil company to acquire a 50% interest in oil licenses in the state of Utah, consisting of approximately 135,505 gross acres and 37,264 net acres for an amount of US $1,200,000.

Forest Gate Energy Inc. announces that it will be undertaking a non-brokered private placement whereby the Company intends to raise up to $500,000 at a price of $0.13 per unit.