Gale Force Purchases Additional Working Interest at Pine Mills, Makes Secured Loan

Gale Force Petroleum Inc. (TSXV:GFP) announced that it has purchased an additional 10 percent working interest at its Pine Mills properties in Texas for US$200,000 and the mutual release to all claims. This now increases the company’s ownership to approximately 99 percent working interest. Gale Force also announced that is has made a secured loan for US$320,000 to an oil and gas company, with an interest rate of 5 percent.

As quoted in the press release:

The Company also announced that it has made a US$320,000.00 secured loan to an oil and gas company, with an interest rate of 5% per annum, and a maturity date of June 7, 2015, after which time if the loan is not fully repaid to the Company the interest rate increases to 15% per annum.  The loan is secured by a first-ranked mortgage and production assignment on profitable, producing oil and gas assets.

Click here to read the full Gale Force Petroleum Inc. (TSXV:GFP) press release.