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. Throughout 3,700 net acres, Gale Force now has 90% or greater working interest, the company added.
Gale Force paid $250,000 and issued a $525,000 interest-free note, the company said.
Gale Force Petroleum, based in Toronto, acquires and exploits oil and natural gas on properties it owns in Texas, Tennessee and West Virginia.
Recommended Reading
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Shell’s CEO Sawan Says Confidence in US LNG is Slipping
2024-02-05 - Issues related to Venture Global LNG’s contract commitments and U.S. President Joe Biden’s recent decision to pause approvals of new U.S. liquefaction plants have raised questions about the reliability of the American LNG sector, according to Shell CEO Wael Sawan.
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.