MONTREAL, June 2 /CNW Telbec/ - Gale Force Petroleum Inc. (TSX Venture: GFP, the "Corporation") today announced that it has signed two letters of intent to purchase interests in two oil properties in Texas.
The first contemplated purchase is of mainly 100% working interests in oil properties in Gregg and Rusk Counties, in Texas (the "Kilgore Property") for US$500,000. The Kilgore Property is 25 miles from the Corporation's existing properties in East Texas. The Kilgore Property includes 34 wells, 3 of which are currently on production, producing approximately 10 barrels of oil per day.
The second contemplated purchase is of mainly 100% working interests in Wood County, adjacent to the Corporation's existing properties ("Wood County Property"), for US$190,000. The Wood County Property includes 15 wells, of which 4 are currently on production, currently producing approximately 15 barrels of oil per day.
The purchase of the working interests in the Kilgore Property and/or Wood County Property are subject to due diligence, and subject to new financing, and would be expected to close around the mid to end of June, 2010.
ABOUT GALE FORCE PETROLEUM INC. - www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation with a focus on the development and exploitation of oil and gas resources in mature basins, building shareholder value by making accretive acquisitions and developing its properties. It owns oil and natural gas properties in Texas, Oklahoma, Tennessee and Kentucky.
"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: For further information: Michael McLellan, Executive Chairman, (514) 221-2030