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As of 8:10 PM 04/16/14 All times are local (Market data is delayed by at least 15 minutes).

gale force petroleum inc (GFPMF) Snapshot

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06/14/13 - $0.22
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03/27/14 - $0.05
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gale force petroleum inc (GFPMF) Details

Gale Force Petroleum Inc., together with its subsidiaries, is engaged in the acquisition, exploitation, development, and production of oil and natural gas in the United States. The company owns producing oil and gas properties in Texas, Tennessee, and West Virginia. It has approximately 2,007 thousand barrels of oil equivalent of 2P reserves. The company was formerly known as Rolland Energy Inc. and changed its name to Gale Force Petroleum Inc. in May 2008. Gale Force Petroleum Inc. is based in Toronto, Canada.

Founded in 1983

gale force petroleum inc (GFPMF) Top Compensated Officers

Chief Executive Officer and Director
Total Annual Compensation: C$180.0K
Interim Chief Financial Officer
Total Annual Compensation: C$36.8K
Chief Operating Officer
Total Annual Compensation: C$122.0K
Compensation as of Fiscal Year 2013.

gale force petroleum inc (GFPMF) Key Developments

Gale Force Petroleum Inc. Issues Short Term Loan

Gale Force Petroleum Inc. announced that it has received the second of two disbursements pursuant to a shortterm loan facility entered into on March 7, 2014, for an aggregate $600,000. The Shortterm Loan has a maximum principal amount of $600,000, matures on August 7, 2014, carries an interest rate of 1.50% per month, and is secured by a firstrank security interest on the company's interests in the Thunder Property and the Marcellus Property.

Gale Force Petroleum Inc. Issues Short-Term Loan

Gale Force Petroleum Inc. announced that, to finance additional investments in core properties, the company has issued a $275,000 short-term loan to Primatlantis Capital, L.P. The short-term loan has a term of three to six months, has an interest rate of 1.50% per month, and is secured by a first-rank security interest on the 50% of the company's Thunder Property and the company's interests in the Marcellus Properties.

Gale Force Buys Additional Texas Reef Interests; Renews and Extends Bank Facility

Gale Force Petroleum Inc. announced that it has purchased additional interests in its Texas Reef properties, increasing its working interest in its best producing well in the field from 72% to 97%, and eliminating back-in interests to give the Company a 90% working interest or greater throughout 3,700 net acres. In consideration of the purchase, the company paid $250,000 cash and issued a $525,000 interest-free note payable, requiring 18 equal monthly payments of $29,167 beginning March 22, 2014 and ending August 22, 2015. The company also announced that it renewed its bank loan facility with Green Bank, increasing the borrowing base from $5.5 million to $5.75 million and extending the maturity date of the facility to July 1, 2015. Also, the next date for a borrowing base redetermination was moved from April 1, 2014 to September 1, 2014, at which time it will be determined if monthly borrowing base reductions will be necessary. The interest rate on the facility remains unchanged at 5% interest per annum. Currently, interest payments are approximately $24,000 per month.


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