GALE FORCE PETROLEUM ANNOUNCES SIGNING OF TWO LETTERS OF INTENT TO PURCHASE INTERESTS IN TWO TEXAS PROPERTIES
Montreal, June 2, 2010 – Gale Force Petroleum Inc. (TSX Venture: GFP, the “Corporation”) today announced that it has signed two letters of intent to purchase interests in two oil properties in Texas.
The first contemplated purchase is of mainly 100% working interests in oil properties in Gregg and Rusk Counties, in Texas (the “Kilgore Property”) for US$500,000. The Kilgore Property is 25 miles from the Corporation’s existing properties in East Texas. The Kilgore Property includes 34 wells, 3 of which are currently on production, producing approximately 10 barrels of oil per day.
The second contemplated purchase is of mainly 100% working interests in Wood County, adjacent to the Corporation’s existing properties (“Wood County Property”), for US$190,000. The Wood County Property includes 15 wells, of which 4 are currently on production, currently producing approximately 15 barrels of oil per day.
The purchase of the working interests in the Kilgore Property and/or Wood County Property are subject to due diligence, and subject to new financing, and would be expected to close around the mid to end of June, 2010.