Gale Force Petroleum Inc. (TSXV: GFP.V) increased its borrowing base to $5.75 million, up from $5.5 million, by renewing its bank loan facility with Green Bank, the company said Feb. 26.
The facility’s new maturity date is July 1, 2015, the company said, noting that the 5% yearly interest rate is unchanged.
Additionally, Gale Force increased its working interest in its Texas Reef properties through the purchase of additional interests, the company said. Its working interest in the field’s best-producing well is at 97%, up from 72%, the company said. Throughout 3,700 net acres, Gale Force now has 90% or greater working interest, the company added.
Gale Force paid $250,000 and issued a $525,000 interest-free note, the company said.
Gale Force Petroleum, based in Toronto, acquires and exploits oil and natural gas on properties it owns in Texas, Tennessee and West Virginia.
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