TORONTO, May 11, 2015 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has received US$450,000 cash for the full and final repayment of the Note Receivable secured by the Thunder properties (the "Note") and for the purchase of overriding royalty interests in the same properties (the "ORRI"). The transaction whereby the Note was originally issued to the Company and whereby the Company had reserved the ORRI was previously announced on November 17, 2014. The Company had assigned no value to the ORRI in its financial statements; however, the Note was booked at its face value of $500,000, so the balance of $50,000 was written down as part of the transaction.
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.
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.
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TORONTO, May 11, 2015 /CNW/ - Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the "Company") today announced that it has received US$450,000 cash for the full and final repayment of the Note Receivable secured by the Thunder properties (the "Note") and for the purchase of overriding royalty interests in the same properties (the "ORRI"). The transaction whereby the Note was originally issued to the Company and whereby the Company had reserved the ORRI was previously announced on November 17, 2014. The Company had assigned no value to the ORRI in its financial statements; however, the Note was booked at its face value of $500,000, so the balance of $50,000 was written down as part of the transaction.
