Gale Force buys additional 10% of Pine Mills

2015-04-28 11:10 ET - News Release

Mr. Michael McLellan reports


GALE FORCE ANNOUNCES WORKING INTEREST PURCHASE, SECURED LOAN
Gale Force Petroleum Inc. has purchased an additional 10-per-cent working interest in its Pine Mills properties in Wood county, Texas, for $200,000 (U.S.) and the mutual release of all claims. This increases the company's ownership to an approximate 99-per-cent working interest throughout the properties. The company also announced that it has made a $320,000 (U.S.) secured loan to an oil and gas company, with an interest rate of 5 per cent per year, and a maturity date of June 7, 2015, after which time if the loan is not fully repaid to the company the interest rate increases to 15 per cent per year. The loan is secured by a first-ranked mortgage and production assignment on profitable, producing oil and gas assets.