Gallic Energy Ltd. Announces Termination of Letter of Intent With Sahara Energy Ltd.

Gallic Energy Ltd. (TSX VENTURE:GLC) reported that the company has received notice that Sahara Energy Ltd. has terminated the previously announced letter of intent agreement to negotiate the sale by Sahara of its Alberta and Saskatchewan properties to Gallic.

The press release is quoted as saying:

Gallic is continuing to investigate acquisition and growth opportunities, in keeping with its strategy to acquire and consolidate low risk oil and gas properties to bring immediate production, cashflow and reserves to the Company.

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