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Gale Force Petroleum Increases Borrowing Base

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February 28, 2014

Gale Force Petroleum Inc. (TSXV: GFP.V) increased its borrowing base to $5.75 million, up from $5.5 million, by renewing its bank loan facility with Green Bank, the company said Feb. 26.

The facility’s new maturity date is July 1, 2015, the company said, noting that the 5% yearly interest rate is unchanged.

Additionally, Gale Force increased its working interest in its Texas Reef properties through the purchase of additional interests, the company said. Its working interest in the field’s best-producing well is at 97%, up from 72%, the company said. ...

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