TORONTO, Aug. 4, 2015 /CNW/ - Gale Force Petroleum Inc. ("Gale Force" or "GFP") (TSXV:GFP) (OTCQX:GFPMF) and Montana Exploration Corp. ("MTZ") (TSXV:MTZ) announced that they had entered into an arrangement agreement pursuant to which MTZ will acquire all of the issued and outstanding Common Shares and Series III Preferred Shares of Gale Force by way of a statutory plan of arrangement under the Canada Business Corporations Act (the "Plan of Arrangement"). Gale Force is pleased to report that the Ontario Superior Court of Justice (Commercial List) (the "Court") has issued an interim order dated July 31st, 2015 authorizing Gale Force to, among other things, call a special meeting of its securityholders (the "Special Meeting") to obtain their approval of the Plan of Arrangement. The Special Meeting is scheduled to be held on September 8, 2015 in Toronto, Ontario. The record date for determining the Gale Force securityholders entitled to receive notice of and vote at the Special Meeting has been set as August 6, 2015. The notice of meeting, management information circular, forms of proxy and letters of transmittal with respect to the Special Meeting and the Plan of Arrangement are expected to be mailed to Gale Force securityholders on or about August 12, 2015. Once mailed, they will also be available under Gale Force's profile at www.sedar.com. The board of directors of Gale Force has unanimously recommended that GFP securityholders vote in favour of the Plan of Arrangement. The hearing for the final order of the Court approving the Plan of Arrangement is expected to be held in early September 2015, with the closing of the Plan of Arrangement expected to occur shortly thereafter.
ABOUT GALE FORCE PETROLEUM INC.
Gale Force is a public corporation that was focused on acquiring and exploiting underdeveloped oil and gas reserves in mature basins, investing capital in lower-risk, development-type projects. Until recently, Gale Force held producing non-operated oil and gas properties in Texas, Tennessee and West Virginia. However, as part of its publicly announced strategic review process, Gale Force has concluded a process of selling its oil and gas assets in order to monetize their value. Gale Force's common shares are listed on the TSX Venture Exchange under the trading symbol "GFP". Additional information regarding Gale Force is available under Gale Force's profile at www.SEDAR.com or at www.GaleForcePetroleum.com.
ABOUT MONTANA EXPLORATION CORP.
MTZ is a Canadian junior oil and gas exploration and production company focusing on the Shaunavon oil and Eagle gas opportunities underlying its extensive land holdings in the state of Montana. In the United States the company operates through its wholly owned subsidiary, Montana Land & Exploration, Inc. MTZ's common shares are listed on the TSX Venture Exchange under the trading symbol "MTZ". Additional information regarding MTZ is available under MTZ's profile at www.SEDAR.com or at www.MontanaExploration.com.
Forward Looking Statements
This press release contains statements that constitute "forward-looking information" or "forward-looking" statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", believe", "expect", "plan", "intend", "forecast", "target", "project", "guidance", "may", "will", "should" "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook.
Forward-looking statements and information contained in this press release are based on our current beliefs as well as assumptions made by, and information currently available to, us. Although we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
By their very nature, the forward-looking statements included in this press release involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, the volatility of oil and gas prices; production and development costs and capital expenditures; the imprecision of reserve estimates and estimates of recoverable quantities of oil, natural gas and liquids; MTZ's ability to replace and expand oil and gas reserves; environmental claims and liabilities; incorrect assessments of value when making acquisitions; increases in debt service charges; the loss of key personnel; the marketability of production; defaults by third party operators; unforeseen title defects; fluctuations in foreign currency and exchange rates; inadequate insurance coverage; compliance with environmental laws and regulations; changes in tax and royalty laws; MTZ's ability to access external sources of debt and equity capital; MTZ's ability to obtain equipment in a timely manner to carry out development activities; and the obtaining of all judicial, regulatory and securityholder approvals necessary to allow for the completion of the Arrangement in accordance with its terms. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to MTZ and Gale Force, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements contained in this press release are made as of the date of this document and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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: about Gale Force and the Arrangement, please contact: Michael McLellan, CFA, Chief Executive Officer at +1.888.440.3411. For further information about Montana Exploration, please contact: Charles Selby, Chairman and Chief Executive Officer, or, Don Foulkes, President at +1.403.265.9091