UPDATE: Gale Force Petroleum Reports Operations & Strategy Update; Shares Up Nearly 6% at Midday
Gale Force Petroleum Inc. (GFP.V) today provided an operations and strategy update.
Shares are now up 1 cent to 18 cents at midday, on volume 19,000.
The Company has grown its reserves base and now has numerous infill, low-risk, high-return drilling and development opportunities. It has also invested heavily in infrastructure, setting the stage for continued growth in operations at key properties. It continues to increase production, and is generating enough cash from operations to maintain and increase production.
The Texas Reef property has been the major focus for investment by the Company over the prior eight month. Results from a recompletion operation and new drilling confirm the economic viability of the project. The land acquisition program has provided the Company with over 4,300 gross acres (3,700 net acres), providing several proved undeveloped drilling locations.
GFP has decided to sell non-core properties, and plans to use any capital it raises from the sale of these properties to help fund development operations.
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