Forest Gate to Acquire Oil and Gas Assets
Forest Gate Energy Inc. (FGE.V) today announced that it has entered into a letter of intent with Sandbox Energy Corp., a private oil and gas company based in Calgary, Alberta, to acquire all most of the existing oil and gas assets of Sandbox, a prospective deal to acquire new oil production and reserves and $500,000 in cash.
In consideration for the oil and gas assets, the company said it will issue to Sandbox a total of 25 million common shares at a price per share of $0.20.
FGE shares were last traded on December 5, 2011 at year low $0.035.
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