Forest Gate Energy Announces Change of Auditors Anticipates the filing of its annual financial statements and MD&A within 30 days

SYMBOL & EXCHANGE: FGE-V

CALGARY, May 1, 2012 /CNW Telbec/ - Forest Gate Energy Inc. (TSXV: FGE) announces that it has not filed its annual financials and MD&A as of today.

Having secured a new audit firm, Forest Gate anticipates filing its annual financials and MD&A within 30 days.

Forest Gate's filing of its annual financials and MD&A is delayed due to liquidity circumstances beyond the company's control. Failure to make this filing will likely result in a cease trade of its shares.

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 Corporation 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.

Michael Judson, President & CEO
1-866-666-3040
[email protected]
www.forestgate.ca