Gale Force Concludes Colgate Acquisition
Gale Force has concluded the purchase of producing oil properties in East Texas (the "Colgate Properties").
The Colgate Properties are located within 5 miles of the Company's existing properties in East Texas and consist of mainly of 100% working interests in oil and gas properties that are currently producing, in the aggregate, approximately 100 barrels per day.
"This is the sixth acquisition completed by Gale Force in 8 months, more than doubling the size of the Company's producing operations," said Michael McLellan, Chairman and CEO of Gale Force Petroleum Inc. "Due to its proximity to our existing properties and its size, the Colgate properties add scale to our existing operations in East Texas and will reduce our lifting costs and overhead per barrel. And we continue to evaluate similar accretive acquisition opportunities to increase our oil reserves and production."