Forest Gate Resources Inc. has finalized and signed a Joint Operating Agreement (JOA) with its Celtic Sea consortium partners regarding it's upcoming oil & gas drilling program off the coast of Southern Ireland.

Forest Gate owns a 15% working interest from Providence Resources PLC in 2 standard exploration licenses pertaining to the Hook Head, Helvick, Ardmore, Dunmore, Rushane and Blackrock prospects all of which are known-hydrocarbon bearing reservoirs. The other partners are all European based and include, Challenger Minerals (CMI), Dyas B.V. Exploration & Production and Atlantic Petroleum.

Forest Gate is currently seeking to secure financing for its share of the 2007 Celtic Sea drill program. The company has, to date, paid in excess of $2 million to participate in the project.

Drilling is expected to commence in August 2007 on Hook Head, the priority drilling target, which has potential recoverable resources of up to 70 million barrels of oil and 200 billion standard cubic feet of gas. The Petrolia Rig will be used for this drill program.

The company continues to exploit its 100% owned Saskatchewan diamond properties, which include the East Side and West Side properties at the Fort a la Corne kimberlite field, the largest of its kind in the world, as well as the South Side property located just southeast of the field. Although there is no current program planned for these diamond properties, the company considers them valuable.

In other news, the company announces the departure of its corporate secretary and director, John Mavridis, who has left the company and the board to pursue other ventures. "John has been with Forest Gate since the beginning, and played an integral role in helping bring the company to where it is today." said Michael Judson, President & CEO of Forest Gate. "We sincerely wish him the best with his future endeavors".