The properties, which are located within five miles of the company’s existing assets, include mainly 100% working interests in oil and gas properties that are currently producing, in the aggregate, approximately 100 barrels per day.
Gale Force Petroleum chairman and CEO Michael McLellan said that due to their proximity to Gale Force’s existing properties and thier size, the Colgate properties add scale to the company’s existing operations in East Texas and will reduce lifting costs and overhead per barrel.
"And we continue to evaluate similar accretive acquisition opportunities to increase our oil reserves and production," McLellan said.
Gale Force Petroleum focuses on the development and exploitation of oil and gas resources in mature basins, and owns producing properties in Texas, Oklahoma, Tennessee and Kentucky.
