MONTREAL, April 1 /CNW Telbec/ - Gale Force Petroleum Inc. (TSX Venture:
GFP, the "Corporation") today announced that the Proposal to Creditors, which
was accepted by the Corporation's creditors, has now been approved by the
Supreme Court of Quebec.
"We are pleased that restructuring has been sanctioned by the Court",
said Michael McLellan, President and CEO. "We can now continue with less
uncertainty toward the rebuilding of the corporation".
As part of its restructuring plan, the Corporation is seeking new
financing and further business development opportunities. Further details will
be announced when available.
ABOUT GALE FORCE PETROLEUM INC.(TM) - www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and
exploiting unconventional and conventional gas resources in mature basins,
building shareholder value through growth. It owns producing natural gas
properties in Alberta, Canada and in Kentucky, USA.
Forward looking statements:
Statements included herein, including those that express management's
expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements - especially but not limited to any geological or
reservoir information not supported by a NI 51-101 report - are based on
assumptions and estimates that are subject to various risks and uncertainties
including but not limited to geological risk, engineering risks, market risk
and the risks disclosed under the heading "Business Risks" in the
Corporation's periodic filings with Canadian securities regulators, including
most recently in its Management Discussion and Analysis for the annual
exercise ended June 30, 2008 available on SEDAR. Such information contained
herein represents management's best judgment as of the date hereof based on
information currently available. The Corporation does not assume the
obligation to update any forward-looking statements.
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Michael McLellan, President and CEO, (514)