MONTREAL, June 3 /CNW Telbec/ - Rolland Energy Inc. has announced today
that it has engaged Becher McMahon Capital Markets Inc. ("Becher McMahon") to
broker a best-efforts equity financing. The Corporation expects to raise gross
proceeds of approximately $4 million, which will be used by the Corporation to
finance the acquisition and development of the Kentucky Shale Gas Property, to
repay debt, and for working capital and general corporate purposes.
As previously announced, the Corporation's name will change to Gale Force
Petroleum Inc. and there will be a consolidation of the corporation's common
shares on an 8:1 basis on or before June 6, 2008. The Corporation's new ticker
symbol on the TSX Venture Exchange will be 'GFP'.
"The series of transactions being contemplated by the corporation - the
consolidation, financing, debt repayment and acquisition of the Kentucky Shale
Gas Property - will positively transform the corporation" said Michael
McLellan, President and Chief Executive Officer. "With a much improved balance
sheet, tighter capital structure, and a new property in Kentucky with
long-term development potential, the corporation will be on a path to create
substantial value for its shareholders."
ABOUT ROLLAND ENERGY INC. - www.RollandEnergy.com
Rolland Energy is a public oil and gas corporation focused on acquiring
and developing oil and gas properties in North America, building shareholder
value through growth.
ABOUT BECHER MCMAHON CAPITAL MARKETS INC. - www.bmcapitalmarkets.com.
Becher McMahon Capital Markets is an independent Limited Market
Dealer (LMD), with a wealth of experience in corporate finance, mergers and
acquisitions, deal generation, asset management and corporate management.
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 - especially but not limited to any geological or
reservoir information not supported by a NI 51-101 report - are based on
assumptions and estimates that are subject to various risks and uncertainties
including but not limited to geological risk, engineering risks, market risk
and the risks disclosed under the heading "Business Risks" in the
Corporation's periodic filings with Canadian securities regulators, including
most recently in its Management Discussion and Analysis for the exercise ended
June 30, 2007 available on SEDAR. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Michael McLellan, Rolland Energy Inc., (514)
333-9292; Campbell Becher, Becher McMahon Capital Markets Inc., (647)