Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/gale-force-adds-significant-new-reserves-and-produ.shtmlGale Force adds significant new reserves and production
Gale Force Petroleum Inc. has closed the purchase of the Texas Reef Properties, hitting another milestone in its aggressive plan to grow rapidly through
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Gale Force Petroleum Inc. has closed the purchase of the Texas Reef Properties, hitting another milestone in its aggressive plan to grow rapidly through the acquisition of underdeveloped proved reserves.
To finance the transaction and provide sufficient capital to pursue its low-risk development plans that are expected to triple production year-over-year in 2012, the Company closed a $4,210,750 private placement equity financing and obtained an increase in the borrowing base of its bank line of credit to $10,000,000.
"The Texas Reef Acquisition adds new production, enlarges Gale Force's reserves base and adds to our growing portfolio of low-risk development opportunities", said Michael McLellan, Chairman and CEO. "We expect the Texas Reef Property to be highly accretive to shareholders, resulting in significant increases in reserves, production, cash-flows and net income, all on a per share basis, within a 6 to 12 month horizon."
