Gale Force Petroleum Inc. (TSXV: GFP.V) increased the size of its short-term loan facility to US$600,000, the company said March 28, noting that it received the second of two disbursements pursuant to the March 7 loan.
The short-term loan will mature August 7, carries a monthly interest rate of 1.50% and is secured by a first-rank security interest in the company’s U.S. Marcellus and Thunder properties, Gale Force Petroleum said.
"The proceeds of the short-term loan will be used by the company to pay for key investments in core properties, continuing our reactivation program to maintain and increase oil and gas production," said CEO Michael McLellan.
Toronto-based Gale Force Petroleum owns producing oil and natural gas properties in Tennessee, Texas and West Virginia.
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