DALLAS, July 18, 2013 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company" or "Gale Force") today announced that it has called its annual general meeting of shareholders for November 21, 2013. The board of directors has fixed October 9, 2013 as the record date for shareholders to receive notice of and to vote at the meeting.
In addition to the regular agenda of the annual general meeting which includes, among other things, the presentation of the Company's annual consolidated financial statements for the year ended on June 30, 2013, the election of directors nominated by management and the appointment of auditors, the shareholders will also be asked to consider and vote on a resolution put forward by Iroquois Capital Opportunity Fund LP and certain other shareholders relating to the proposed reconstitution of the Board of Directors of the Company (the "Iroquois Resolution").
A shareholders' meeting to vote on the Iroquois Resolution was recently requisitioned by Iroquois (the "Iroquois Requisition"). The Board, on the recommendation of a newly established special committee of independent directors (the "Special Committee"), has determined that it is in the best interest of the Company to consider and vote on the Iroquois Resolution at the Company`s annual general meeting, rather than holding a separate and additional special shareholders' meeting. The Board and Special Committee considered a number of factors in reaching this conclusion, including the additional cost and distraction of a separate special shareholders' meeting, the proximity of any special shareholders' meeting with the Company's forthcoming annual general meeting of shareholders, and the timing and status of the ongoing strategic review process.
Gale Force typically holds its annual meeting of shareholders in December or January of each year. In recognition of the requisition, Gale Force has decided to move up the date for its annual general meeting to an earlier date, being November 21, 2013.
The Special Committee of independent directors (comprised of Guillaume Dumas, Robert Johnson and Charles Marleau) was formed to, among other things, consider the Iroquois Requisition, as well as oversee a strategic review process to identify, examine and consider a range of strategic alternatives available to Gale Force in order to enhance shareholder value.
Details of the annual shareholders' meeting, including time and location of the meeting, will be announced in due course and a formal notice of meeting and management proxy circular will be mailed to the shareholders of Gale Force and filed on SEDAR at www.sedar.com after the record date for the meeting.
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.
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SOURCE GALE FORCE PETROLEUM INC.