Forest Gate Resources reports that, following further due diligence, it has terminated its agreement with Angus Energy LLP, as disclosed on dated May 12, 2009.

Forest Gate further reports that it remains interested in the High Island 98-L project located in Gulf of Mexico off the coast of Texas, and the gathering system and terminal facility that complements it.

Additionally, Forest Gate will continue to pursue a merger with a company with a qualified operations and technical team. The company will also continue its work at identifying undervalued and orphaned assets in the Gulf of Mexico and elsewhere.

Tags: Angus Energy LLP, Forest Gate Resources