UPDATE: Gale Force Concludes Oklahoma Property Sale, Provides Strategy Update; Shares Jump 11%
gale Force Petroleum Inc. (GFP.V) today announced that it has concluded the sale of its Oklahoma Properties for $650,000, as part of a total $6.5 million property sales transaction, previously announced on March 15, 2013. There are only three leases in Gregg & Rusk Counties remaining to be sold as part of the transaction, which will fetch the remaining $300,000 of the total sales price for the properties, expected in June, 2013, per the sale agreement.
Gale Force has strengthened its balance sheet, streamlined its operations, and freed up capital to invest in its core properties with significant upside potential,said Michael McLellan, Co-Chairman and CEO. "Gale Force is also now a highly attractive target for acquisition or merger, and we will be exploring various strategic transaction options that will re-value the Company in the market."
The properties now sold, the Company is currently producing slightly more than 300 BOE per day and generating nearly $200,000 cash per month from operations.
Gale Force will now be actively seeking strategic partners for investment, merger, acquisition, or business combination that will allow it to either restart accretive growth or re-value the Company in the market.
GFP jumped 11% to $0.155, trading near 52-week low $0.095.
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