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Gale Force provides strategy update
Published : February 13, 2013
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Gale Force provides strategy update

DALLAS, TX, Feb. 13, 2013 /CNW Telbec/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") today provided a strategy update and announced the renewal and extension of its bank facility.

The Company has been actively marketing two of its non-core properties for sale, and has generated significant interest in both properties.  The rationale for the sale of these properties was provided in a news release by the Company on December 17, 2012. In brief, the Company would intend to take the capital generated by the sale of these properties to continue drilling and development of other properties that it views as having greater return potential.

The Company has also been seeking partners with which to jointly develop its Texas Reef properties.  The Company views finding a partner to help finance the development of this asset preferable when compared with issuing equity to finance further development given the current price of the Company's shares.  At the current market price, the Company believes that any equity issuance is too dilutive when compared with its current asset value, and is therefore its least attractive financing option.

The Company also announced that its bank line of credit now has a maturity date of July 1, 2014, and continues to be interest only at least until after a borrowing-base redetermination is carried out in May, 2013. The line of credit has an interest rate of 5.0% and the current borrowing base is set at $10 million.

For further insight, Michael McLellan, Co-Chairman and CEO, was recently interviewed by OSIX News, which can be heard here:  http://osixmedia.com/media.aspx?subchannel=nbX1JOooZw

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

Data and Statistics for these countries :
Gold and Silver Prices for these countries :

Gale Force Petroleum Incorporation.

CODE : GFP.V
ISIN : CA36320R2063
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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.
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.
11/17/2014closes Thunder Properties sale
8/27/2014closes Texas Reef interests sale
8/18/2014to Sell Thunder Property Interests
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
2/12/2014Director Steps Down
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
12/14/2012announces shareholder meeting results
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
10/19/2011GFP BUYS THUNDER PROPERTIES
8/2/2011Palos Merchant Bank Comments on Gale Force Petroleum
5/5/2011CLOSES $5 MILLION STRAIGHT EQUITY FINANCING, ANNOUNCES B...
4/19/2011OBTAINS BRIDGE LOAN INCREASE
2/2/2011CLOSES COLGATE ACQUISITION
7/22/2010 Announces Purchase of Gulftex Properties
2/25/2009 Creditors Accept ProposalThread-Topic: News Release: GFP Cr...
8/26/2008 Radways Wells on ProductionThread-Topic: News Release: GFP ...
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TSX-V (GFP.V)OTHER OTC (GFPMF)
0.025+0.00%0.021+0.00%
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