DALLAS, Sept. 30, 2013 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has concluded the purchase of additional interests at its Texas Reef properties, increasing its ownership in the highly-profitable wells, acreage and pipeline, to approximately a 90% working interests throughout.
The purchase agreements were previously announced on May 22, 2013, and the Company has now issued 885,000 common shares in consideration of the purchase.
The Company also paid Kris Perryman, Jr., Land Manager for the Company, $15,000 of accrued fees, through the issuance of 75,000 common shares issued at CA$0.20 per share and 75,000 common share purchase warrants of the Company, with an exercise price of CA$0.30, expiring April 10, 2014.
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, Co-Chairman & CEO, +1.888.440.3411, or MMcLellan@GaleForcePetroleum.com.