DALLAS, TX, March 28, 2014 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has received the second of two disbursements pursuant to a short-term loan facility entered into on March 7, 2014, for an aggregate US$600,000 (the "Short-term Loan").
"The proceeds of the Short-term Loan will be used by the Company to pay for key investments in core properties, continuing our reactivation program to maintain and increase oil and gas production," said Michael McLellan, Chief Executive Officer.
The Short-term Loan has a maximum principal amount of US$600,000, matures on August 7, 2014, carries an interest rate of 1.50% per month, and is secured by a first-rank security interest on the Company's interests in the Thunder Property and the Marcellus Property.
ABOUT GALE FORCE PETROLEUM INC. − 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.