MONTREAL, Oct. 14 /CNW Telbec/ - Gale Force Petroleum Inc. (TSX Venture: GFP, the "Corporation") today announced that to help hedge risks associated with a decline in oil prices, the Corporation has purchased additional "floors", consisting of a series of put options, for 1000 barrels per month of crude oil at US$70.00 per barrel, for 18 months, from June 2010 to November 2011. These hedges cost the Corporation a total US$70,200.
The following table summarizes the hedges now currently held by the Corporation:
| Expiry | Quantity | Floor Price |
| 31-Oct-10 | 1000 bbls | $70.00 |
| 30-Nov-10 | 2000 bbls | $70.00 |
| 31-Dec-10 | 2000 bbls | $70.00 |
| 31-Jan-11 | 2000 bbls | $70.00 |
| 28-Feb-11 | 2000 bbls | $70.00 |
| 31-Mar-11 | 2000 bbls | $70.00 |
| 30-Apr-11 | 2000 bbls | $70.00 |
| 31-May-11 | 2000 bbls | $70.00 |
| 30-Jun-11 | 2000 bbls | $70.00 |
| 31-Jul-11 | 2000 bbls | $70.00 |
| 31-Aug-11 | 2000 bbls | $70.00 |
| 30-Sep-11 | 2000 bbls | $70.00 |
| 31-Oct-11 | 2000 bbls | $70.00 |
| 30-Nov-11 | 2000 bbls | $70.00 |
| 31-Dec-11 | 1000 bbls | $70.00 |
| 31-Jan-12 | 1000 bbls | $70.00 |
| 28-Feb-12 | 1000 bbls | $70.00 |
| 31-Mar-12 | 1000 bbls | $70.00 |
| 30-Apr-12 | 1000 bbls | $70.00 |
ABOUT GALE FORCE PETROLEUM INC. − www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation with a focus on the development and exploitation of oil and gas resources in mature basins, building shareholder value by making accretive acquisitions and developing its properties. It owns oil and natural gas properties in Texas, Oklahoma, Tennessee and Kentucky.
Forward looking statements:
Statements included herein, including those that express management's expectations or estimates of our future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are based on assumptions and estimates that are subject to various risks and uncertainties including the risks disclosed under the heading "Business Risks" in the Corporation's periodic filings on SEDAR, for example, in its Management Discussion and Analysis for the annual exercise ended June 30, 2009. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume the obligation to update any forward-looking statements.
"Neither 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."
For further information:
Please contact:Michael McLellan, Executive Chairman, +1.514.221.2030
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