DALLAS, April 26, 2013 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") has received a letter dated April 25, 2013 from Iroquois Capital Opportunity Fund LP, Iroquois Master Fund Ltd., Scot Cohen and Joshua Silverman (collectively, "Iroquois"), who together hold, according to such letter, approximately 7.6% of the outstanding common shares of the Company. Iroquois has also chosen to make such letter public by virtue of a press release issued by Iroquois that same day.
Gale Force is surprised by such letter, both in terms of its content and the delivery method chosen by Iroquois.
The Company takes issue with many of the statements made by Iroquois in its letter. In keeping with its fiduciary duties, the Board intends to fully consider each of the issues raised by Iroquois with a view to providing promptly to the Company's stakeholders a thorough and thoughtful response.
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, +1.888.440.3411