Gale Force issues shares for debts

Jan 24, 2014, 16:03 ET from Gale Force Petroleum Inc.

DALLAS, TX, Jan. 24, 2014 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it will issue a total 708,333 common shares to settle various debts:

The Company has issued 333,333 common shares at an issue price of 15 cents per share to Iroquois Capital Opportunity Fund L.P. to reimburse $50,000.00 of expenses (as previously announced on November 1, 2013), has issued 75,000 common shares at an issue price of 20 cents per share in payment of $15,000 consulting fees to the Company's Land Manager (as previously announced on September 30, 2013), and will issue 300,000 common shares at an issue price of 10 cents per share in payment of $30,000 in consulting fees to Joseph F. Langston.

The issuances of common share are subject to the approval of the TSX Venture Exchange.


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.

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.