Gale Force sells remaining Gregg & Rusk leases and provides production update
DALLAS, TX, Nov. 12, 2013 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has concluded the sale of the four remaining leases it owned in Gregg & Rusk counties for US$237,500, paid in cash. The Company had previously sold its other properties in Gregg & Rusk counties in March, 2013.
The Company is now producing in total 260 BOE per day, net to its working interests, mainly from its Texas operations. From its properties in Henderson & Anderson Counties, Wood County and Bee County, Texas, the Company is currently producing, in the aggregate, 210 BOE per day, broken down as 170 barrels of oil per day and 245 Mcf per day of liquids-rich natural gas per day. The remaining production comes from the Company's Marcellus shale gas investment in West Virginia, from which it receives the benefits of approximately 300 Mcf per day of liquids-rich natural gas.
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 use of BOE
Please note that the Company has used the term "BOE" herein, which may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the 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.