Gale Force Petroleum Inc. (OTCQX: GFPMF) (TSXV: GFP) concluded the sale of its Oklahoma properties for US $650,000, as part of a total US $6.5 million property sales transaction previously announced.
There are only three leases in Gregg and Rusk counties remaining to be sold as part of the transaction, which will fetch the remaining US $300,000 of the total sales price for the properties, expected in June, 2013, per the sale agreement.
The properties now sold, the company is currently producing slightly more than 300 barrels of oil equivalent per day and generating nearly US $200,000 cash per month from operations.
The company has begun a development program to increase production on existing properties through a combination of activities, including well reactivations, infrastructure improvements and drilling of new wells. To fund these activities, the company will use a combination of the proceeds from the property sales and cash generated in operations, and the company intends to invest over US $2 million in its existing properties in the next six to nine months.
As a next step in the execution of its strategy to create value for shareholders that was outlined at the end of 2012, the company will also be actively seeking strategic partners for investment, merger, acquisition, or business combination that will allow it to either restart accretive growth or re-value the company in the market.
Gale Force Petroleum Inc., together with its subsidiaries, engages in the acquisition, exploitation, development, and production of oil and natural gas in the US. The company is based in Toronto with operation offices in Dallas.
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