DALLAS, TX, May 17, 2012 /CNW Telbec/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) ("Gale Force" or the "Company") announced today that it has increased its ownership of the Texas Reef Properties, hired a Chief Financial Officer and a new Controller, and provided an update on the Great Gulfcan Assets purchase.
Texas Reef Properties
The Company has purchased an additional 2% working interest in the Texas Reef properties for $130,000, comprised of US$60,000 in cash and CA$70,000 in common shares of the Company issued at a price of CA$0.35 per share. The shares are subject to a 4-month hold period, and the transaction is subject to the acceptance of the TSX Venture Exchange.
The purchase increases the Company's ownership of the three existing wells to approximately 77% and the ownership of the remainder of the project including 7,000 gross acres/2,100 net acres to approximately 82%.
New Financial Personnel
The Company has also hired Guillaume Dumas, LL.B., as its Interim Chief Financial Officer, and Nancy Porter, CPA, as its new Controller. Antoinette Lizzi, who stepped down from the position of Chief Financial Officer, will continue serving the Company as a consultant.
Guillaume Dumas, also currently a Director of the Company, is a member of the Quebec bar and has over 20 years experience in financial reporting, mergers and acquisitions, private equity and asset-based lending.
Nancy Porter earned her CPA designation in 1984, and has over 30 years experience in accounting, management and administration of oil and gas companies in the Southern USA.
"Mr. Dumas has a rare combination of legal and financial expertise coupled with capital markets experience, and Ms. Porter brings accounting and management expertise built on a wealth of oil and gas finance experience in our area of operations", said Michael McLellan, Chairman & CEO. "Mr. Dumas and Ms. Porter will be invaluable in helping manage Gale Force's next phase of rapid growth.
"I would also thank Ms. Lizzi, personally and on behalf of the Company for her dedication in the crucial role she has played in turnaround and rebuilding of Gale Force into a valuable and profitable, company today," said Mr. McLellan.
Great Gulfcan Assets Purchase Update
The Company also announced today that the closing of the Great Gulfcan Assets has been delayed until Wednesday, May 23rd, 2012.
ABOUT GALE FORCE PETROLEUM INC. − www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and exploiting underdeveloped and 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, Tennessee and West Virginia.
"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."
Michael McLellan, CFA, Chairman & CEO, +1.514.221.2030