Gale Force Petroleum Inc. (TSXV: GFP.V) issued a short term loan of $275,000 to Primatlantis Capital LP, the company said March 7.
The loan was made to finance additional core property investments, Gale Force said.
The loan has a three-to-six-month term and an interest rate of 1.50% per month, the company said, noting that it is secured by interest split between the company’s Thunder property and its interests in Marcellus properties.
Gale Force Petroleum, based in Toronto, acquires and exploits oil and natural gas on properties it owns in Texas, Tennessee and West Virginia.
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