DALLAS, July 18, 2013 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") today announced that it has called its annual general meeting of
shareholders for November 21, 2013. The board of directors has fixed
October 9, 2013 as the record date for shareholders to receive notice
of and to vote at the meeting.
In addition to the regular agenda of the annual general meeting which
includes, among other things, the presentation of the Company's annual
consolidated financial statements for the year ended on June 30, 2013,
the election of directors nominated by management and the appointment
of auditors, the shareholders will also be asked to consider and vote
on a resolution put forward by Iroquois Capital Opportunity Fund LP and
certain other shareholders relating to the proposed reconstitution of
the Board of Directors of the Company (the "Iroquois Resolution").
A shareholders' meeting to vote on the Iroquois Resolution was recently
requisitioned by Iroquois (the "Iroquois Requisition"). The Board, on
the recommendation of a newly established special committee of
independent directors (the "Special Committee"), has determined that it
is in the best interest of the Company to consider and vote on the
Iroquois Resolution at the Company`s annual general meeting, rather
than holding a separate and additional special shareholders' meeting.
The Board and Special Committee considered a number of factors in
reaching this conclusion, including the additional cost and distraction
of a separate special shareholders' meeting, the proximity of any
special shareholders' meeting with the Company's forthcoming annual
general meeting of shareholders, and the timing and status of the
ongoing strategic review process.
Gale Force typically holds its annual meeting of shareholders in
December or January of each year. In recognition of the requisition,
Gale Force has decided to move up the date for its annual general
meeting to an earlier date, being November 21, 2013.
The Special Committee of independent directors (comprised of Guillaume
Dumas, Robert Johnson and Charles Marleau) was formed to, among other
things, consider the Iroquois Requisition, as well as oversee a
strategic review process to identify, examine and consider a range of
strategic alternatives available to Gale Force in order to enhance
Details of the annual shareholders' meeting, including time and location
of the meeting, will be announced in due course and a formal notice of
meeting and management proxy circular will be mailed to the
shareholders of Gale Force and filed on SEDAR at www.sedar.com after the record date for the meeting.
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.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release contain forward-looking
statements. All forward-looking statements are based on the Company's
current expectations, estimates, projections, beliefs and assumptions
based on information available at the time the statement was made and
in light of the Company's experience and its perception of historical
trends. Some of the forward-looking statements may be identified by
words like "expected", "subject to", "will be" and similar expressions.
In addition, all other statements that address expectations or
projections about the future, including statements about potential
future transactions, are forward-looking statements. Forward-looking
statements are not guarantees of future performance and involve a
number of risks and uncertainties, some that are similar to other oil
and gas companies and some that are unique to the Company, and the
other risks described in the Company's continuous disclosure filings
with securities regulators available under the Company's profile at
www.sedar.com. The Company's actual results may differ materially from
those expressed or implied by the Company's forward-looking statements
and you are cautioned not to place undue reliance on them. The Company
does not assume any obligation to update any forward-looking statements
contained in this press release, except as required by applicable law.
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 McLellan, CFA, Co-Chairman & CEO, +1.888.440.3411, or MMcLellan@GaleForcePetroleum.com