TORONTO, May 8, 2015 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has sold its remaining interests in the Catfish Creek properties in Henderson & Anderson Counties, Texas, for US$750,000.
With the proceeds from the sale of the properties, the Company paid down US$750,000 on its bank loan facility, reducing the outstanding balance owing on the facility to US$1,000,000.
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: Michael McLellan, CFA, Chief Executive Officer at +1.888.440.3411.