|
Attention Business/Financial Editors
Gale Force Petroleum closes Kentucky acquisition
MONTREAL, July 23 /CNW Telbec/ - Gale Force Petroleum Inc. (TSX-V: GFP,
the "Corporation") announced today that it has completed the purchase of the
Kentucky Shale Gas Property, consisting of 22,000 acres of oil and gas leases,
9 gas wells and 5 miles of gathering lines, including compressors. The
purchase price paid was $2.5 million, of which the Corporation paid
$1.25 million for its 50% share of the property. The remaining $1.25 million
of the purchase price was paid by Corporation's two joint venture partners,
WHL Energy Ltd. and Derby Resources, LLC.
"The purchase of the Kentucky Shale Gas Property marks the completion of
a major milestone in the development of the Corporation" said Michael
McLellan, President and Chief Executive Officer of the Corporation. "The
Corporation is now the owner and operator of a property with excellent
prospects to create sustained growth in revenues and net asset value for its
shareholders."
The Corporation will immediately begin its Phase 1 development program
for development of the Kentucky Shale Gas Property. Phase 1 development will
focus on two main objectives: commencing production from the nine wells in
place, and drilling, coring and putting in production additional wells so as
to obtain greater cash-flows and improved geological knowledge of the
Property.
ABOUT GALE FORCE PETROLEUM INC. - www.GaleForcePetroleum.com
Gale Force Petroleum is a public oil and gas corporation focused on
acquiring and developing oil and gas properties in North America, building
shareholder value through growth.
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
-30-
/For further information: Gale Force Petroleum Inc.: Michael McLellan,
President and CEO, (514) 333-9292/
|
NEWS RELEASES