NEWS RELEASE
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Date: Friday, April 24, 2009
Trading Symbol: OTC.PK: GWGI
Galloway Energy West Texas Project Drilling to Commence
RENO, NV -- (Marketwire) -- 04/24/09 -- Galloway Energy Inc. (PINKSHEETS: GWGI) ("Galloway" or the "Company") wishes to advise that as part of the recently announced participation agreement regarding a gas producing project in West Texas, the operator has updated Galloway of their mobilization of equipment for the commencement of drilling within the participatory lands.
The new well is located adjacent to the town of Ozona in Crockett County, Texas. The well has been titled as the "Adams Feed" and is scheduled for immediate drilling with preliminary results anticipated within one week from commencement. The operator has advised that drill equipment is currently on its way to the prospect and drilling will begin shortly.
Galloway has secured a first right of refusal to participate in the gas project located on 12,900 acres in the Barnett Shale area of West Texas. The area is a well documented and prolific region benefitting from the presence of established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. The Barnett Shale is one of the largest sources of Natural Gas in the USA with proven reserves of 2.5 Trillion cubic feet (Tcf) which many companies believe is far short of a reserve potential that may prove to be significantly closer to 30Tcf or more. The property in question has over 115 working wells currently in production, as a result of which Galloway's participation will result in immediate cash flow for the Company.
Company President and CEO Shane Lowry comments, "We are very pleased by the news that the operators of this project believe firmly in growth. Bringing an additional well into production certainly enhances and strengthens our rationale for participation in this growing project. However, we are still looking at further strategic acquisitions with an eye to increased expansion and portfolio diversification as we feel this is the best way to provide tangible value to our stakeholders and investors within realistic timelines."
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our energy properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
ON BEHALF OF THE BOARD
Galloway Energy Inc.
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Shane Lowry
President and Chief Executive Officer
The new well is located adjacent to the town of Ozona in Crockett County, Texas. The well has been titled as the "Adams Feed" and is scheduled for immediate drilling with preliminary results anticipated within one week from commencement. The operator has advised that drill equipment is currently on its way to the prospect and drilling will begin shortly.
Galloway has secured a first right of refusal to participate in the gas project located on 12,900 acres in the Barnett Shale area of West Texas. The area is a well documented and prolific region benefitting from the presence of established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. The Barnett Shale is one of the largest sources of Natural Gas in the USA with proven reserves of 2.5 Trillion cubic feet (Tcf) which many companies believe is far short of a reserve potential that may prove to be significantly closer to 30Tcf or more. The property in question has over 115 working wells currently in production, as a result of which Galloway's participation will result in immediate cash flow for the Company.
Company President and CEO Shane Lowry comments, "We are very pleased by the news that the operators of this project believe firmly in growth. Bringing an additional well into production certainly enhances and strengthens our rationale for participation in this growing project. However, we are still looking at further strategic acquisitions with an eye to increased expansion and portfolio diversification as we feel this is the best way to provide tangible value to our stakeholders and investors within realistic timelines."
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our energy properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
ON BEHALF OF THE BOARD
Galloway Energy Inc.
- - - - - - - - - - - - - - - - - -
Shane Lowry
President and Chief Executive Officer
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This website contains historical and archived press releases for Galloway Energy Inc. The information in these press releases is historical in nature, has not been updated, and is current only to the date indicated in the particular press release. This information may no longer be accurate and therefore you should not rely on the information contained in these press releases. To the extent permitted by law, Galloway Energy Inc. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
