- Acquires 2,000 additional net acres -
DALLAS, TX, Sept. 18, 2012 /CNW Telbec/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") today provided an update on leasing at its Texas Reef project that it acquired in April, 2012. The Company has obtained new oil and gas mineral leases on over 2,000 net acres of land at Texas Reef, increasing its total leasehold position in the area to over 4,100 net acres. The Company owns an 82% working interest in the Texas Reef properties, and is the operator of the project.
"Gale Force has now nearly doubled its acreage position in the area, adding substantial development inventory, and providing the Company with tremendous additional upside potential," said Michael McLellan, Co-Chairman & CEO. "The Texas Reef properties have highly profitable oil and gas production from existing wells, and there are now numerous low-risk, high-return development drilling opportunities throughout the properties."
The Texas Reef Properties have complex geology with proved oil and gas reserves from multiple zones, and numerous potential proved undeveloped locations for development drilling.
ABOUT GALE FORCE PETROLEUM INC. − www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and exploiting underdeveloped and undervalued 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, Oklahoma, Tennessee and West Virginia.
"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."
SOURCE: GALE FORCE PETROLEUM INC.
For further information:
Michael McLellan, CFA, Co-Chairman & CEO, +1.514.221.2030