DALLAS, TX, Sept. 10, 2014 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) ("Gale Force" or the "Company") today announced that it has issued 236,114 common shares as final payment of a finder's fee associated with the non-core properties sale in Wood County that was announced on May 29, 2014. The total finder's fee paid was $93,000, comprised of $77,000 cash and $16,000 in common shares.
Also, as required by updated TSX Venture Exchange policies, the Company has amended its "Stock Option Plan", last approved at a meeting of the shareholders of the Company on February 7, 2014, as follows:
- The recipient of options is named at the time of an option grant.
- The exercise price of options is determined at the time of an option grant.
- The maximum number of shares that may be issued to insiders of the Company under the Stock Option Plan within a 12-month period cannot exceed 10% of the total number of common shares issued and outstanding.
- So long as the Stock Option Plan is a "rolling plan", i.e. the number of share issuable under the plan is variable depending on the number of common shares issued and outstanding, the Corporation shall obtain approval of the plan by the shareholder of the Company annually.
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: Please contact Michael P. McLellan, CFA, Chief Executive Officer at +1.888.440.3411