ICO Fund Flags Discontent with Gale Force Petroleum
Toronto-based Gale Force Petroleum Inc., a company which acquires and exploits undervalued oil and gas reserves in mature basins, has received a message of concern from its backer Iroquois Capital Opportunity (ICO) Fund, an oil and gas-focused private equity firm based in New York. Due to the company's "severe underperformance" IOC Fund has urged discussions of "significant" changes to Gale's management and board. IOC Fund invested in Gale Force in 2011.
25 April 2013•8 mins read
