Gale Force to buy additional Texas Reef Property interests, issues incentive stock options
Published : May 22, 2013
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Gale Force to buy additional Texas Reef Property interests, issues incentive stock options

DALLAS, May 22, 2013 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") today announced that it has reached agreements to purchase two sets of minority working interests in its Texas Reef Properties, which will increase its ownership in such properties by approximately 10%, to a total of 90%.  The interests are to be purchased from two sellers for total consideration of 885,000 common shares of the Company and $240,000 in cash, paid in six monthly installments of $40,000.

"These working interests will increase the Company's ownership in its highly-profitable wells at the Texas Reef Properties, as well as in the prospective acreage and 5-mile gas gathering line system," said Michael McLellan, Co-Chairman and CEO. "The other advantage of this transaction is that it simplifies the ownership structure and operation of the properties, making them a more attractive part of the Company as we seek a strategic alternative."

The closing of the acquisition of the Texas Reef Properties interests is subject to the approval of the TSX Venture Exchange.

Gale Force also announced that it has issued a total of 3,700,000 incentive stock options to its officers and employees, including 2,500,000 options granted to Michael McLellan, Co-Chairman and CEO, and 600,000 options granted to Emery Johnson, COO.  All stock options are subject to the terms of the Company's stock option plan, have an exercise price of $0.15 and an expiry date of May 23, 2013, and vest in six equal quarterly installments over a period of 18 months, subject to an accelerated vesting and expiry date in the event that the holder of the options is terminated from the Company without cause. The grant of these incentive stock options reflects the recommendations resulting from a recently concluded compensation study that was initiated by the Board of Directors in 2012, and is intended to align the interests of the Company's officers and employees with those of its shareholders in the context of the Company's strategic review.

ABOUT GALE FORCE PETROLEUM INC. www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and exploiting underdeveloped 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, Tennessee and West Virginia.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this press release contain forward-looking statements. All forward-looking statements are based on the Company's current expectations, estimates, projections, beliefs and assumptions based on information available at the time the statement was made and in light of the Company's experience and its perception of historical trends. Some of the forward-looking statements may be identified by words like "expected", "subject to", "will be" and similar expressions. In addition, all other statements that address expectations or projections about the future, including statements about potential future transactions, are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to the Company, and the other risks described in the Company's continuous disclosure filings with securities regulators available under the Company's profile at www.sedar.com. The Company's actual results may differ materially from those expressed or implied by the Company's forward-looking statements and you are cautioned not to place undue reliance on them. The Company does not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law.

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

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, € 108.8 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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