GALE FORCE PETROLEUM COMPLETES SALE OF MANITOBAN PROPERTIES FOR AGGREGATE $1.75 MILLION BY SELLING WOODNORTH AND MAPLES PROPERTIES

Thursday, September 11th, 2008

20080911_sale-of-woodnorth-maples-properties-en- $1 Million of Proceeds from Sale Used to Pay Down Debt -

 

Montreal, September 11, 2008 – Gale Force Petroleum Inc. (TSX-V: GFP, the “Corporation”) today announced today that it has sold both its Manitoba Properties, for total proceeds to the Corporation of $1.75 million from the sale of these properties.

 

The Corporation sold its Woodnorth Property near Virden, Manitoba to Kripa Energy Inc., a private, arms-length Canadian corporation for $1.2 million cash consideration in addition to $300,000 already received on August 5, 2008 for the option to purchase the property.   

 

The Corporation sold its non-producing Maples Property, also near Virden, Manitoba for $250,000 to another arms-length private Canadian corporation.

 

The Corporation will use $1 million of the proceeds from the sale of the Manitoban properties to pay down debt held by Primatlantis Capital Inc.  The remaining proceeds will go towards the development of its oil and gas properties.

 

 “The sale of our Manitoban properties has strengthened our balance sheet and the focus of the Corporation is now on the development of properties with greater growth prospects such as our Appalachian Shale Gas Property in Kentucky” said Michael McLellan, President and Chief Executive Officer of the Corporation. “Production generated by the Manitoban properties is being replaced and increased by production coming online from our Alberta and Kentucky properties”.

 

ABOUT GALE FORCE PETROLEUM INC.  www.GaleForcePetroleum.com   

Gale Force Petroleum is a public oil and gas corporation focused on acquiring and developing oil and gas properties in North America, building shareholder value through growth.

 

For more information, please contact:

 

Gale Force Petroleum Inc.

Michael McLellan, President and CEO, +1.514.333.9292

 

Forward looking statements:

Statements included herein, including those that express management’s expectations or estimates of our future performance, constitute “forward-looking statements” within the meaning of applicable securities laws.  Forward-looking statements – especially but not limited to any geological or reservoir information not supported by a NI 51-101 report – are  based on assumptions and estimates that are subject to various risks and uncertainties including but not limited to geological risk, engineering risks, market risk and the risks disclosed under the heading “Business Risks” in the Corporation’s periodic filings with Canadian securities regulators, including most recently in its Management Discussion and Analysis for the exercise ended June 30, 2007 available on SEDAR. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statements.

 

“The TSX Venture Exchange has not reviewed this release and therefore does not accept responsibility for its adequacy or accuracy.”

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