GALE FORCE PETROLEUM ANNOUNCES SIGNING OF TWO LETTERS OF INTENT TO PURCHASE INTERESTS IN TWO TEXAS PROPERTIES
Wednesday, June 2nd, 2010
Montreal, June 2, 2010 – Gale Force Petroleum Inc. (TSX Venture: GFP, the “Corporation”) today announced that it has signed two letters of intent to purchase interests in two oil properties in Texas.
The first contemplated purchase is of mainly 100% working interests in oil properties in Gregg and Rusk Counties, in Texas (the “Kilgore Property”) for US$500,000. The Kilgore Property is 25 miles from the Corporation’s existing properties in East Texas. The Kilgore Property includes 34 wells, 3 of which are currently on production, producing approximately 10 barrels of oil per day.
The second contemplated purchase is of mainly 100% working interests in Wood County, adjacent to the Corporation’s existing properties (“Wood County Property”), for US$190,000. The Wood County Property includes 15 wells, of which 4 are currently on production, currently producing approximately 15 barrels of oil per day.
The purchase of the working interests in the Kilgore Property and/or Wood County Property are subject to due diligence, and subject to new financing, and would be expected to close around the mid to end of June, 2010.
The first contemplated purchase is of mainly 100% working interests in oil properties in Gregg and Rusk Counties, in Texas (the “Kilgore Property”) for US$500,000. The Kilgore Property is 25 miles from the Corporation’s existing properties in East Texas. The Kilgore Property includes 34 wells, 3 of which are currently on production, producing approximately 10 barrels of oil per day.
The second contemplated purchase is of mainly 100% working interests in Wood County, adjacent to the Corporation’s existing properties (“Wood County Property”), for US$190,000. The Wood County Property includes 15 wells, of which 4 are currently on production, currently producing approximately 15 barrels of oil per day.
The purchase of the working interests in the Kilgore Property and/or Wood County Property are subject to due diligence, and subject to new financing, and would be expected to close around the mid to end of June, 2010.