GALE FORCE PETROLEUM ANNOUNCES RESULTS FROM KENTUCKY APPALACHIAN SHALE GAS PROPERTY

Wednesday, November 19th, 2008

Montreal, November 19, 2008 – Gale Force Petroleum Inc. (TSX-V: GFP, the “Corporation”) today announced further interim results from its initial “Phase 1” development program on its Kentucky Appalachian Shale Gas Property (the “Kentucky Property”). 

 

The Corporation has now completed 5 of the 9 wells on the property that had never been completed, focusing primarily on stimulating the organically rich hydrocarbon-bearing intervals within the Devonian Shale source rock using fracture stimulation.  The Corporation has obtained test results from the 5 wells, which demonstrate that an average vertical well drilled on the Kentucky Property will recover capital cost payback in less than 2 years with NYMEX at a constant $7.00 per Mcf, with a prospective internal rate of return greater than 50%.  

 

On September 24, 2008, the Corporation announced that it had re-entered and started natural gas production from 4 of 9 existing wells on the Kentucky Property that had already been completed. The Corporation will now tie-in the remaining 5, newly completed wells.  

The recent workover and completion program has proven that there is consistent natural gas potential across the Kentucky Property, confirming that there is low-risk drilling for the Devonian Shale target. There are more than 200 potential drilling locations adjacent to the existing infrastructure, which means that the Kentucky Property is an excellent candidate for a low-cost, multi-well drilling program designed to generate cash early in the project development and increase the net present value of the reserves on the property.

 

“These are great results, which strongly suggest that the Kentucky Property can create tremendous economical value if developed on a larger scale”, said Michael McLellan, President and CEO.  “These results are in line with what we told investors they could expect when we acquired the prospect.” 

 

 The Kentucky Property was acquired by the Corporation on July 23, 2008 and included nine existing wells on the 22,000 acres of leased land with ready access to market via existing pipeline infrastructure.

 

Subject to new financing, the Corporation will also drill and core additional wells on the Kentucky Property and attempt alternative exploitation techniques such as horizontal drilling, underbalanced drilling and open-hole completions, all of which could improve the development template for the Kentucky Property, permitting the Corporation to accelerate recovery of the gas resource and create greater net asset value of reserves.

 

ABOUT GALE FORCE PETROLEUM INC. ? www.GaleForcePetroleum.com  

Gale Force Petroleum is a public corporation focused on acquiring and exploiting unconventional and conventional gas resources in mature basins, building shareholder value through growth.  It owns producing natural gas properties in Alberta, Canada and in Kentucky, USA.

 

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 Corporation 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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