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Gale Force Petroleum Incorporation.

Publié le 22 juillet 2010

Announces Purchase of Gulftex Properties

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gale force petroleum ANNOUNCES PURCHASE OF gulftex properties

 

Montreal, July 22, 2010 � Gale Force Petroleum Inc. (TSX Venture: GFP, the �Corporation�) today announced that it has closed the purchase of the �Gulftex Property�, previously announced by the Corporation on June 2, 2010, and was referred to as the �Wood County Property�.

 

The Gulftex Property consists of mainly 100% working interests in Wood County adjacent to the Corporation�s existing properties in the area.   The property includes 8 wells, of which 4 are on production currently producing approximately 15 barrels of oil per day.   The effective date of the purchase of the property is May 1, 2010, and the price paid for the property is US$190,000 plus the assumption of any abandonment retirement obligations associated with the property, estimated to have a net present value of US$88,083 assuming annual cost inflation of 3% and using a discount rate of 10% per annum to discount back to present value. 

 

In a report entitled �Evaluation of Reserves Attributable to Gale Force Petroleum In Gulftex Field, Wood County, Texas, prepared as at May 1, 2010, the reserves of the Gulftex Property were estimated by an independent qualified reserves evaluator, Waterson Calhoun, P.Eng., of Crest Engineering Services, using a 10% discount rate, to have proved reserves of 19,820 net barrels of oil with a net present value of US$180,000, possible reserves of 45,160 net barrels of oil with a net present value of US$707,000 for total reserves of 64,990 barrels of oil with a net present value of US$888,000.  The Corporation also believes there may be additional, unevaluated reserves on some of the leases.

 

For more information, please contact: Michael McLellan, Executive Chairman, +1.514.221.2030

 

ABOUT GALE FORCE PETROLEUM INC. - www.GaleForcePetroleum.com  

Gale Force Petroleum is a public corporation with a focus on the development and exploitation of oil and gas resources in mature basins, building shareholder value by making accretive acquisitions and developing its properties. It owns oil and natural gas properties in Texas, Oklahoma, Tennessee and Kentucky.

 

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. est une société de production minière de pétrole basée au Canada.

Gale Force Petroleum Inc. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 148,3 millions CA$ (118,5 millions US$, 108,8 millions €).

La valeur de son action a atteint son plus bas niveau récent le 22 mai 2015 à 0,01 CA$, et son plus haut niveau récent le 07 mai 2021 à 9,42 CA$.

Gale Force Petroleum Inc. possède 80 140 000 actions en circulation.

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Financements de Gale Force Petroleum Incorporation.
01/03/2011OBTAINS $300,000 BRIDGE LOAN
01/02/2011CLOSES $1.08 MILLION PRIVATE PLACEMENT
Attributions d'options de Gale Force Petroleum Incorporation.
22/02/2011200,000 options granted to IR group
22/02/2011Amendment of STOCK OPTION PLAN
Nominations de Gale Force Petroleum Incorporation.
01/11/2013Announces Board of Directors Changes and Settlement With Iro...
22/02/2011ENGAGES INVESTOR RELATIONS GROUP, AMENDS STOCK OPTION PLAN
Projets de Gale Force Petroleum Incorporation.
27/08/2014Gale Force closes Texas Reef interests sale
12/11/2013Sells Remaining G&R Leases and Provides Production Update
15/03/2013=3A GFP Generates Capital Through Property Sales
18/09/2012GFP Provides Texas Reef Land Update
12/09/2012PROVIDES MARCELLUS UPDATE =2D On Track to Achieve Forecast P...
Communiqués de Presse de Gale Force Petroleum Incorporation.
18/09/2015Montana Exploration Corp. and Gale Force Petroleum Inc. Comp...
10/09/2015Gale Force Petroleum Inc. Security Holders Approve Arrangeme...
09/09/2015GALE FORCE PETROLEUM INC. SECURITY HOLDERS APPROVE ARRANGEME...
04/08/2015Gale Force Petroleum Inc. Obtains Interim Order for Plan of ...
25/06/2015Montana Exploration Corp. to acquire Gale Force Petroleum In...
24/06/2015MONTANA EXPLORATION CORP. TO ACQUIRE GALE FORCE PETROLEUM IN...
18/12/2014Gale Force Announces Shareholder Meeting Results
24/11/2014Gale Force receives escrowed funds from Texas Reef sale
18/11/2014GALE FORCE REDUCES OVERHEAD, TO ISSUE SECURITIES
18/11/2014Gale Force Reduces Overhead Costs, To Issue Securities
17/11/2014GALE FORCE CLOSES THUNDER PROPERTIES SALE
17/11/2014closes Thunder Properties sale
11/09/2014Gale Force issues finder's fee shares, updates stock option ...
18/08/2014to Sell Thunder Property Interests
18/08/2014Gale Force to Sell Thunder Property Interests
24/07/2014Gale Force to sell majority stake in its Texas Reef Properti...
29/05/2014Gale Force frees up capital through East Texas property sale...
22/04/2014to fetch $5.00 more per barrel of oil produced under new con...
28/03/2014increases short-term loan to US$600,000
26/02/2014BUYS ADDITIONAL TEXAS REEF INTERESTS=2C RENEWS AND EXTENDS ...
26/02/2014Releases December 31=2C 2013 Interim Report
07/02/2014Announces Shareholder Meeting Results
29/01/2014Provides Operations and Strategy Update
24/01/2014Issues Shares for Debt
03/12/2013Extends Bank Facility=2C Enters Into Swaps
28/11/2013Publishes Quarterly Financials
11/10/2013Preferred Shareholders Convert Into Common Shares
30/09/2013Concludes Texas Reef Interests Purchase
30/09/2013Closes Texas Reef Interests Purchases
09/09/2013Publishes Updated Presentation
18/07/2013Calls Annual Shareholders Meeting
03/07/2013Responds to Dissident Shareholder
14/06/2013Retains Financial Advisor for Strategic Alternative
22/05/2013to buy additional Texas Reef Property interests, issues ince...
01/05/2013responds to Iroquois Letter
26/04/2013TO RESPOND TO IROQUOIS LETTER
13/02/2013provides strategy update
03/10/2012GFP SPUDS WELL AT TEXAS REEF
13/09/2012Warrants To Comments Trading on TSXV
28/05/2012GFP Announces GGC Deal to Proceed
15/03/2012GFP in the Energy Report
13/03/2012GFP Trading Update
08/03/2012GFP Update
02/08/2011Palos Merchant Bank Comments on Gale Force Petroleum
05/05/2011CLOSES $5 MILLION STRAIGHT EQUITY FINANCING, ANNOUNCES B...
02/02/2011CLOSES COLGATE ACQUISITION
22/07/2010 Announces Purchase of Gulftex Properties
25/02/2009 Creditors Accept ProposalThread-Topic: News Release: GFP Cr...
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TSX-V (GFP.V)OTHER OTC (GFPMF)
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