TORONTO, April 28, 2015 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has purchased an additional 10% working interest in its Pine Mills properties in Wood County, Texas, for US$200,000.00 and the mutual release of all claims. This increases the Company's ownership to an approximate 99% working interest throughout the properties.
The Company also announced that it has made a US$320,000.00 secured loan to an oil and gas company, with an interest rate of 5% per annum, and a maturity date of June 7, 2015, after which time if the loan is not fully repaid to the Company the interest rate increases to 15% per annum. The loan is secured by a first-ranked mortgage and production assignment on profitable, producing oil and gas assets.
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.