GALE FORCE ANNOUNCES UPDATE TO MARCH 31, 2012 FINANCIALS – Makes $1.63 Million Gain on Hedges –
Jun 27, 2012
OTC Disclosure News Service
Dallas, Texas – Gale Force Petroleum Inc. (TSXV: GFP) (OTCQX: GFPMF) (the “Company”) announced an update to its published March 31, 2012 financial reports:
(1) The Company’s $15 million bank facility, which was drawn to $5,866,180 at March 31, 2012 was shown as a long-term liability, but was a short-term liability as at that date. Immediately following the end of the quarter, the maturity date of the facility was extended to October 1, 2013, and was a long-term liability at the time of the publication of the financial statements.
(2) The Company’s swap instruments were marked to market as at March 31, 2012, however, these amounts were lumped together with the Company’s put options hedges. As of today’s date, due to declines in oil prices, the Company’s swap and put options contracts have a market value of $1.78 million, a $1.63 million increase in value since March 31, 2012.
For more information, please contact: Michael McLellan, CFA, Co-Chairman CEO, +1.514.221.2030
ABOUT GALE FORCE PETROLEUM INC. − www.GaleForcePetroleum.com
Gale Force Petroleum is a public corporation focused on acquiring and exploiting underdeveloped and undervalued oil and gas reserves in mature basins, bringing operational expertise and capital to lower-risk, development-type projects. The Company currently owns producing oil and gas properties in Texas, Oklahoma, Tennessee and West Virginia.
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
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