Galleon Makes 2nd Light Oil Discovery in Peace River Arch Area

Galleon Energy has drilled in its current program a second deep oil well which, on early test, is flowing in excess of 1,700 barrels/day of light sweet 41 degrees API crude oil. The well is expected to be pipelined within 4 weeks at an estimated 500 barrels/day. The well is located in Galleon's core area of the Peace River Arch, Alberta. On June 7, 2005, Galleon announced initial test results on another deep oil well in the area which is currently producing approximately 514 barrels/day.

Galleon owns 100% of the new well and has an 85% interest in a 20,000 barrel/day facility of which 5,500 barrels/day are currently being processed. Galleon currently plans to drill an additional 9 to 12 deep oil tests in 2005 and 2006.


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