Iroquois Funds Comment on Letter From Board of Directors of Gale Force Petroleum

Iroquois Reiterates Call for Significant Changes to Senior Management

NEW YORK, May 6, 2013 /CNW/ - Iroquois Capital Opportunity Fund LP and Iroquois Master Fund Ltd., who, together with certain of their affiliates ("Iroquois"), collectively represent one of the largest common shareholdings of Gale Force Petroleum Inc. ("Gale Force") (GFP.V GFPMF), commented today on a publicly disseminated letter that Iroquois received from the Gale Force Board of Directors (the "Board") on May 1, 2013.

Joshua Silverman, managing member of Iroquois Capital Management, LLC, said, "As the owner of approximately 7.6% of Gale Force's outstanding common shares (together with preferred shares that we can currently convert into a 9.9% aggregate ownership position), we are deeply concerned with the ongoing destruction of shareholder value at Gale Force and have called on the Board to immediately engage with us to discuss significant changes to the company's management and Board composition."

"The Board's letter is the company's first substantial attempt to engage the marketplace in years and comes only after we publicly stated our concerns on April 25th.  Moreover, the letter fails to address, in any substantive way, many of our concerns, which simply reinforces our belief that the Company needs new management.  This reactive attempt at transparency is too little, too late and does nothing to stem further deterioration in shareholder value."

Accordingly, Iroquois today reiterated its request that Gale Force immediately address the numerous issues and concerns outlined in its April 25th letter by committing to changing the senior management to include individuals on the board with more experience and qualifications in the oil and gas industry.  If Gale Force is not prepared to do so, Iroquois will be forced to consider other avenues for seeking such changes in order to protect the best interests of the company and all of its shareholders.

About Iroquois Capital Opportunity Fund LP
Iroquois Capital Opportunity Fund LP is a private equity fund focused on direct ownership of oil and gas assets, typically through joint venture opportunities with public and private E&P companies developing onshore oil and gas assets in North America .

About Iroquois Master Fund Ltd.
Iroquois Master Fund Ltd. is a privately pooled investment vehicle that is managed by Iroquois Capital Management, LLC. Iroquois Capital Management, LLC is headquartered in New York, New York.

SOURCE: Iroquois Capital Opportunity Fund LP

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Contact:

Investor contacts:
Joshua Silverman, (212) 974-3070

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Iroquois Capital Opportunity Fund LP

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Iroquois Master Fund Ltd.

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