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FIRST NEWGATE PETROLEUM RESOURCES CORP LTD COMPANY UPDATE

DGAP-News: First Newgate Petroleum Resources Co. Ltd. / Key word(s):
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FIRST NEWGATE PETROLEUM RESOURCES CORP LTD COMPANY UPDATE

10.10.2011 / 19:03

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For Immediate release

FIRST NEWGATE PETROLEUM RESOURCES CORP LTD COMPANY UPDATE

Oct. 10, 2011

First Newgate Petroleum Resources Corp. Ltd., an Ontario, Canada Company,
and the CEO/CFO are pleased to announce that the Company has been granted
the new trading symbol FNS:GR on the Frankfurt Open Market Segment, First
Quotation Board.

The Company is currently reviewing it´s most recent acquisition, an 18 well
lease package in Texas, with 1 currently producing well, and up to 17 wells
with high prospects to be reworked and brought back into production. The
company´s technical team is currently reviewing all available data to
determine the best route towards maximum recovery of the existing reserves.

The Company is also currently reviewing several other leases for possible
acquisition. Further news on this and other leases under consideration will
be announced at the appropriate time.

About: First Newgate Petroleum Resources Corp. Ltd.

Our mission is to acquire, develop, and exploit Oil & Gas reserves that are
producing and/or previously producing Oil fields located in the USA &
Canada. We strive to increase proven domestic reserves, we do this by
exploring new fields and revisiting previously drilled areas to discover
them anew with advanced technology. There is over 217 billion barrels of
oil still in the Ground in USA, and with the new technology available, we
expect be able to capture a good portion of the remaining oil in these past
producing fields.

As the need to protect precious resources increases, forward-thinking
companies such as First Newgate Petroleum Resources Corp. Ltd. are
providing an economical approach to oil and gas reserves. Using
state-of-the-art technology, First Newgate Petroleum Resources Corp. Ltd.
selects only high quality prospects, increasing recovered resources per
each well.

Our mandate is to utilize North America´s leading hydrocarbon asset
database to identify prematurely suspended Wells;

Put identified Wells back in to production using a variety of new
technologies;

Rework Wells in the fields that show substantial potential for increased
production.

We use powerful geological search tools to efficiently find gas & oil well
bore candidates. These geological and statistical analysis tools enhance
search efficiency by organizing viable well bore candidates by key
measurements. In this complex energy market, First Newgate Petroleum