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.
For further information about Gale Force and the Arrangement, please contact: Michael McLellan, CFA, Chief Executive Officer at +1.888.440.3411. For further information about Montana Exploration, please contact: Charles Selby, Chairman and Chief Executive Officer, or, Don Foulkes, President at +1.403.265.9091Copyright CNW Group 2015