TORONTO, Sept. 9, 2015 /CNW/ - Gale Force Petroleum Inc.
("Gale Force" or the "Company") (TSXV:GFP)
(OTCQX:GFPMF) and Montana Exploration Corp. ("MTZ") (TSXV:MTZ) are
pleased to announce that at the special meeting of the Gale Force
securityholders (the "GFP Securityholders") held on September 8, 2015, the GFP Securityholders
approved the previously announced plan of arrangement (the
"Arrangement") pursuant to which MTZ will acquire all of the issued
and outstanding shares of Gale Force in exchange for common shares
of Montana. In addition, the holders of common shares of Gale
Force approved a reduction of the legal stated capital account in
respect of such common shares in order to permit the conditions
necessary for the implementation of the Arrangement to be
satisfied.
The Arrangement remains subject to, among other things, the
final approval of the Ontario Superior Court of Justice. The
hearing for such final approval is scheduled to take place on
September 14, 2015, with the
effective date of the Arrangement being expected to occur on or
about September 15, 2015, subject to
the receipt of such court approval.
ABOUT GALE FORCE PETROLEUM INC.
Gale Force is a public
corporation that was focused on acquiring and exploiting
underdeveloped oil and gas reserves in mature basins, investing
capital in lower-risk, development-type projects. Until recently,
Gale Force held producing non-operated oil and gas properties in
Texas, Tennessee and West
Virginia. However, as part of its publicly announced
strategic review process, Gale Force has concluded a process of
selling its oil and gas assets in order to monetize their
value. Gale Force's common shares are listed on the TSX
Venture Exchange under the trading symbol "GFP". Additional
information regarding Gale Force is available under Gale Force's
profile at www.SEDAR.com or at www.GaleForcePetroleum.com.
ABOUT MONTANA EXPLORATION CORP.
MTZ is a Canadian
junior oil and gas exploration and production company focusing on
the Shaunavon oil and Eagle gas
opportunities underlying its extensive land holdings in the state
of Montana. In the United States
the company operates through its wholly owned subsidiary,
Montana Land & Exploration, Inc.
MTZ's common shares are listed on the TSX Venture Exchange under
the trading symbol "MTZ". Additional information regarding MTZ is
available under MTZ's profile at www.SEDAR.com or at
www.MontanaExploration.com.
Forward Looking Statements
This press release contains statements that constitute
"forward-looking information" or "forward-looking" statements"
(collectively "forward-looking information") within the
meaning of applicable securities legislation. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", believe", "expect", "plan", "intend",
"forecast", "target", "project", "guidance", "may", "will",
"should" "could", "estimate", "predict" or similar words suggesting
future outcomes or language suggesting an outlook.
Forward-looking statements and information contained in this
press release are based on our current beliefs as well as
assumptions made by, and information currently available to, us.
Although we consider these assumptions to be reasonable based on
information currently available to us, they may prove to be
incorrect.
By their very nature, the forward-looking statements included in
this press release involve inherent risks and uncertainties, both
general and specific, and risks that predictions, forecasts,
projections and other forward-looking statements will not be
achieved. We caution readers not to place undue reliance on these
statements as a number of important factors could cause the actual
results to differ materially from the beliefs, plans, objectives,
expectations and anticipations, estimates and intentions expressed
in such forward-looking statements. These factors include, but are
not limited to, the obtaining of all judicial and regulatory
approvals necessary to allow for the completion of the Arrangement
in accordance with its terms. Readers are cautioned that the
foregoing list of factors that may affect future results is not
exhaustive. When relying on our forward-looking statements to make
decisions with respect to MTZ and Gale Force, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Furthermore, the
forward-looking statements contained in this press release are made
as of the date of this document and we do not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
The forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Gale Force Petroleum Inc.