- Makes $1.63 Million Gain on Hedges -
DALLAS, TX, June 26, 2012 /CNW Telbec/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") announced an update to its published March 31, 2012 financial
The Company's $15 million bank facility, which was drawn to $5,866,180
at March 31, 2012 was shown as a long-term liability, but was a
short-term liability as at that date. Immediately following the end of
the quarter, the maturity date of the facility was extended to October
1, 2013, and was a long-term liability at the time of the publication
of the financial statements.
The Company's swap instruments were marked to market as at March 31,
2012, however, these amounts were lumped together with the Company's
put options hedges. As of today's date, due to declines in oil prices,
the Company's swap and put options contracts have a market value of
$1.78 million, a $1.63 million increase in value since March 31, 2012.
ABOUT GALE FORCE PETROLEUM INC. − www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and
exploiting underdeveloped and undervalued 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, Oklahoma, Tennessee and West
"Neither 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 McLellan, CFA, Co-Chairman & CEO, +1.514.221.2030