Gale Force Petroleum Inc. has sold both its Manitoba Properties, for total proceeds to the Corporation of $1.75 million from the sale of these properties.
The Corporation sold its Woodnorth Property near Virden, Manitoba to Kripa Energy Inc., a private, arms-length Canadian corporation for $1.2 million cash consideration in addition to $300,000 already received on August 5, 2008 for the option to purchase the property.
The Corporation sold its non-producing Maples Property, also near Virden, Manitoba for $250,000 to another arms-length private Canadian corporation.
The Corporation will use $1 million of the proceeds from the sale of the Manitoban properties to pay down debt held by Primatlantis Capital Inc. The remaining proceeds will go towards the development of its oil and gas properties.
"The sale of our Manitoban properties has strengthened our balance sheet and the focus of the Corporation is now on the development of properties with greater growth prospects such as our Appalachian Shale Gas Property in Kentucky," said Michael McLellan, President and Chief Executive Officer of the Corporation. "Production generated by the Manitoban properties is being replaced and increased by production coming online from our Alberta and Kentucky properties".
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