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Gale Force Petroleum Incorporation.

Publié le 02 février 2011

CLOSES COLGATE ACQUISITION

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Gale Force Petroleum Inc. closes colgate acquisition

 

 

 

 

 

Gale Force Petroleum Inc. (TSX Venture: GFP - News; "Gale Force" or the "Company") today announced that it has concluded the purchase of producing oil properties in East Texas (the "Colgate Properties").

 

The Colgate Properties are located within 5 miles of the Company's existing properties in East Texas and consist of mainly of 100% working interests in oil and gas properties that are currently producing, in the aggregate, approximately 100 barrels per day.

 

"This is the sixth acquisition completed by Gale Force in 8 months, more than doubling the size of the Company's producing operations," said Michael McLellan, Chairman and CEO of Gale Force Petroleum Inc. "Due to its proximity to our existing properties and its size, the Colgate properties add scale to our existing operations in East Texas and will reduce our lifting costs and overhead per barrel. And we continue to evaluate similar accretive acquisition opportunities to increase our oil reserves and production. "

 

In a report entitled "Evaluation of Reserves attributable to Gale Force Petroleum in the acquisition of the Colgate Properties" prepared as at December 1, 2010, the reserves of the Colgate Property were estimated by an independent qualified reserves evaluator, Waterson Calhoun, P.E., at Crest Engineering Services, using an average forecast oil price of US$88.69, as follows: <<

 


 ______________________________________________________________________________
|                             Oil Reserves for the Colgate Properties          |
|______________________________________________________________________________|
|                          |     Light & Medium Oil|Net Present Value of      |
|                          |_______________________|Future Net Revenues Before|
|       Reserve Category   |Gross (bbls)|Net (bbls)|Income Taxes (10% Discount|
|                          |            |          |Rate)(x)                    |
|                          |            |          |                          |
|                          |            |          |                          |
|__________________________|____________|__________|__________________________|
|Proved Developed Producing|     263,300|   199,820|              US$4,759,000|
|__________________________|____________|__________|__________________________|
|Probable                  |     298,600|   221,230|              US$4,604,000|
|__________________________|____________|__________|__________________________|
|Total Proved Plus Probable|     561,900|   421,050|              US$9,363,000|
|__________________________|____________|__________|__________________________|
|Possible                  |     377,400|   284,960|              US$4,877,000|
|__________________________|____________|__________|__________________________|
|Total Proved Plus Probable|     939,300|   706,010|             US$14,240,000|
|Plus Possible             |            |          |                          |
|__________________________|____________|__________|__________________________|

>>
            ------------------------------------------------------------ (x)The
reserves were estimated using NYMEX (WTI) prices as at December 1, 2010 of
$89.31 for 2010 and 2011, $89.23 for 2012, $88.48 for 2013, $88.28 for 2014
and $88.53 thereafter.


            Please note that the estimates of reserves and future net revenue for
individual properties may not reflect the same confidence level as estimates
of reserves and future net revenue for all properties, due to the effects of
aggregation and the estimated values disclosed herein do not represent fair
market value.


            The purchase price for the Colgate Properties was CA$3.805 million,
comprised of US$2.805 million in cash (converted into Canadian dollars using
an exchange rate of 1.00), 2,075,000 common share units (the "Common Share
Units") with an issuance value of CA$622,500, 591,668 preferred share units
(the "Preferred Share Units") with an issuance value of CA$177,500, and a
CA$200,000 balance of sale payable through the issuance of 666,666 Preferred
Share Units on April 1, 2011.


            Each Common Share Unit is issued at a price of CA$0.30 per unit, and is
comprised of one common share of the Company and one warrant (the "Warrants")
with an exercise price of $0.50 expiring July 31, 2012.  Each Preferred Share
Unit is issued at a price of CA$0.30 per unit, and is comprised of one Series
I preferred share of the Company and one Warrant. The Series I preferred
shares are convertible into common shares of the Company at any time, subject
to a conversion limit whereby the Sellers of the Colgate properties (the
"Sellers") are restricted to owning no more than 10% of the common shares of
the Company issued and outstanding.  The Warrants issued are also subject to a
conversion limit whereby the Sellers are restricted to owning no more than 10%
of the common shares of the Company issued and outstanding, whereby the
Warrants are exercisable into Series I preferred shares instead of common
shares of the Company if the 10% conversion limit would be exceeded.


            In addition to the purchase price paid, the Company also estimated that
it assumed abandonment retirement obligations on the Colgate Properties with a
present value of US$892,271, which is the estimated future cost of abandonment
and rehabilitation costs on the properties assuming annual cost inflation of
3% and using a discount rate of 10% per annum to discount back to present
value.


            To help finance the US$2.825 million cash component of the purchase
price, the Company withdrew US$2 million from its secured US$15 million bank
facility (the "Bank Loan"), the borrowing base of which was raised to US$4.5
million in conjunction with the acquisition.  The Bank Loan has a maturity
date of May 1, 2012 and bears interest of 5% per annum.  The remaining
US$825,000 cash component of the purchase price was taken from the proceeds of
the equity private placement announced by the Company on February 1, 2011.
            The Sellers of the Colgate Properties are at arm's length from the
Company.  All of the securities issued by the Company in connection with this
acquisition are subject to resale restrictions which expire on June 1, 2011.
There are now a total of 21,055,737 common shares of the Company issued and
outstanding.


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


            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 are  based on assumptions and
estimates that are subject to various risks and uncertainties, including the
risks disclosed under the heading "Risks and Uncertainties" in the Company's
periodic filings on SEDAR, for example, in its Management Discussion and
Analysis for the year ended June 30, 2010. 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 forward-looking statements, except as required under 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."



To view this news release in HTML formatting, please use the following URL:
http://www.cnw.ca/en/releases/archive/February2011/02/c7262.html

 

For further information

Michael McLellan, CFA, Chairman & CEO, +1.514.221.2030

 

 

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.
22/02/2011Amendment of STOCK OPTION PLAN
22/02/2011200,000 options granted to IR group
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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