Gale Force to fetch $5.00 more per barrel of oil produced under new contract
DALLAS, April 22, 2014 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has entered into a new oil purchase contract with Lion Oil Trading (the "Oil Sales Contract"), pursuant to which the Company will receive an average increase of over $5.00 per barrel after taxes – a 5.7% increase – from its oil production in East Texas, representing the majority of the Company's oil and gas revenues.
The new Oil Sales Contract will result in elevated revenues, higher oil netbacks, and will increase the value of each of the Company's properties in East Texas.
ABOUT GALE FORCE PETROLEUM INC. − http://www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and exploiting underdeveloped oil and gas reserves in mature basins, bringing operational expertise and capital to lower-risk, development-type projects. The Company currently owns producing oil and gas properties in Texas, Tennessee and West Virginia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Gale Force Petroleum Inc.For further information: Michael P. McLellan, CFA, Chief Executive Officer at +1.888.440.3411.