Gale Force Petroleum Incorporation.

Published : May 28th, 2012

GFP Announces GGC Deal to Proceed

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GALE FORCE ANNOUNCES GREAT GULFCAN DEAL TO PROCEED

Dallas, May 28, 2012 � Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the �Company�) announced today that it has provided an update concerning the Great Gulfcan Assets purchase: The transaction is now expected to close later this week.  Details about the transaction were previously announced by the Company on February 13, 2012.

 

For more information, please contact: Michael McLellan, CFA, Chairman & CEO, +1.514.221.2030

 

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.�

 

- 30 -

 

 

 

GALE FORCE INCREASES OWNERSHIP OF TEXAS REEF PROPERTIES,

ANNOUNCES NEW CFO AND CONTROLLER

Dallas, May 17, 2012 �Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (�Gale Force� or the �Company�) announced today that it has increased its ownership of the Texas Reef Properties, hired a Chief Financial Officer and a new Controller, and provided an update on the Great Gulfcan Assets purchase.

 

Texas Reef Properties

 

The Company has purchased an additional 2% working interest in the Texas Reef properties for $130,000, comprised of US$60,000 in cash and CA$70,000 in common shares of the Company issued at a price of CA$0.35 per share. The shares are subject to a 4-month hold period, and the transaction is subject to the acceptance of the TSX Venture Exchange.

 

The purchase increases the Company�s ownership of the three existing wells to approximately 77% and the ownership of the remainder of the project including 7,000 gross acres/2,100 net acres to approximately 82%.

 

New Financial Personnel

 

The Company has also hired Guillaume Dumas, LL.B., as its Interim Chief Financial Officer, and Nancy Porter, CPA, as its new Controller.  Antoinette Lizzi, who stepped down from the position of Chief Financial Officer, will continue serving the Company as a consultant.

 

Guillaume Dumas, also currently a Director of the Company, is a member of the Quebec bar and has over 20 years experience in financial reporting, mergers and acquisitions, private equity and asset-based lending. 

 

Nancy Porter earned her CPA designation in 1984, and has over 30 years experience in accounting, management and administration of oil and gas companies in the Southern USA.

 

�Mr. Dumas has a rare combination of legal and financial expertise coupled with capital markets experience, and Ms. Porter brings accounting and management expertise built on a wealth of oil and gas finance experience in our area of operations�, said Michael McLellan, Chairman & CEO.  �Mr. Dumas and Ms. Porter will be invaluable in helping manage Gale Force�s next phase of rapid growth.

 

�I would also thank Ms. Lizzi, personally and on behalf of the Company for her dedication in the crucial role she has played in turnaround and rebuilding of Gale Force into a valuable and profitable, company today,� said Mr. McLellan.

 

Great Gulfcan Assets Purchase Update

 

The Company also announced today that the closing of the Great Gulfcan Assets has been delayed until on or about Wednesday, May 23rd, 2012.

 

For more information, please contact: Michael McLellan, CFA, Chairman & CEO, +1.514.221.2030

 

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.�

 

- 30 -

 

 

Gale Force Petroleum Inc. wants to ensure that only those who wish to receive our emails are on our mailing lists. If you would like to unsubscribe, please send an email with �Unsubscribe� in the subject line to MMcLellan@GaleForcePetroleum.com.

Gale Force Petroleum Incorporation.

CODE : GFP.V
ISIN : CA36320R2063
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Gale Force Petroleum Inc. is a oil producing company based in Canada.

Gale Force Petroleum Inc. is listed in Canada and in United States of America. Its market capitalisation is CA$ 148.3 millions as of today (US$ 118.5 millions, € 103.8 millions).

Its stock quote reached its lowest recent point on May 22, 2015 at CA$ 0.01, and its highest recent level on May 07, 2021 at CA$ 9.42.

Gale Force Petroleum Inc. has 80 140 000 shares outstanding.

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Financings of Gale Force Petroleum Incorporation.
3/1/2011OBTAINS $300,000 BRIDGE LOAN
2/1/2011CLOSES $1.08 MILLION PRIVATE PLACEMENT
Option Grants of Gale Force Petroleum Incorporation.
2/22/2011200,000 options granted to IR group
2/22/2011Amendment of STOCK OPTION PLAN
Nominations of Gale Force Petroleum Incorporation.
11/1/2013Announces Board of Directors Changes and Settlement With Iro...
2/22/2011ENGAGES INVESTOR RELATIONS GROUP, AMENDS STOCK OPTION PLAN
Project news of Gale Force Petroleum Incorporation.
8/27/2014Gale Force closes Texas Reef interests sale
11/12/2013Sells Remaining G&R Leases and Provides Production Update
3/15/2013=3A GFP Generates Capital Through Property Sales
9/18/2012GFP Provides Texas Reef Land Update
9/12/2012PROVIDES MARCELLUS UPDATE =2D On Track to Achieve Forecast P...
Corporate news of Gale Force Petroleum Incorporation.
9/18/2015Montana Exploration Corp. and Gale Force Petroleum Inc. Comp...
9/10/2015Gale Force Petroleum Inc. Security Holders Approve Arrangeme...
9/9/2015GALE FORCE PETROLEUM INC. SECURITY HOLDERS APPROVE ARRANGEME...
8/4/2015Gale Force Petroleum Inc. Obtains Interim Order for Plan of ...
6/25/2015Montana Exploration Corp. to acquire Gale Force Petroleum In...
6/24/2015MONTANA EXPLORATION CORP. TO ACQUIRE GALE FORCE PETROLEUM IN...
12/18/2014Gale Force Announces Shareholder Meeting Results
11/24/2014Gale Force receives escrowed funds from Texas Reef sale
11/18/2014GALE FORCE REDUCES OVERHEAD, TO ISSUE SECURITIES
11/18/2014Gale Force Reduces Overhead Costs, To Issue Securities
11/17/2014GALE FORCE CLOSES THUNDER PROPERTIES SALE
11/17/2014closes Thunder Properties sale
9/11/2014Gale Force issues finder's fee shares, updates stock option ...
8/18/2014to Sell Thunder Property Interests
8/18/2014Gale Force to Sell Thunder Property Interests
7/24/2014Gale Force to sell majority stake in its Texas Reef Properti...
5/29/2014Gale Force frees up capital through East Texas property sale...
4/22/2014to fetch $5.00 more per barrel of oil produced under new con...
3/28/2014increases short-term loan to US$600,000
2/26/2014BUYS ADDITIONAL TEXAS REEF INTERESTS=2C RENEWS AND EXTENDS ...
2/26/2014Releases December 31=2C 2013 Interim Report
2/7/2014Announces Shareholder Meeting Results
1/29/2014Provides Operations and Strategy Update
1/24/2014Issues Shares for Debt
12/3/2013Extends Bank Facility=2C Enters Into Swaps
11/28/2013Publishes Quarterly Financials
10/11/2013Preferred Shareholders Convert Into Common Shares
9/30/2013Concludes Texas Reef Interests Purchase
9/30/2013Closes Texas Reef Interests Purchases
9/9/2013Publishes Updated Presentation
7/18/2013Calls Annual Shareholders Meeting
7/3/2013Responds to Dissident Shareholder
6/14/2013Retains Financial Advisor for Strategic Alternative
5/22/2013to buy additional Texas Reef Property interests, issues ince...
5/1/2013responds to Iroquois Letter
4/26/2013TO RESPOND TO IROQUOIS LETTER
2/13/2013provides strategy update
10/3/2012GFP SPUDS WELL AT TEXAS REEF
9/13/2012Warrants To Comments Trading on TSXV
5/28/2012GFP Announces GGC Deal to Proceed
3/15/2012GFP in the Energy Report
3/13/2012GFP Trading Update
3/8/2012GFP Update
8/2/2011Palos Merchant Bank Comments on Gale Force Petroleum
5/5/2011CLOSES $5 MILLION STRAIGHT EQUITY FINANCING, ANNOUNCES B...
2/2/2011CLOSES COLGATE ACQUISITION
7/22/2010 Announces Purchase of Gulftex Properties
2/25/2009 Creditors Accept ProposalThread-Topic: News Release: GFP Cr...
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