Based upon the initial review of open hole logs, several zones of interest exist. The Company indicated that based on initial well results it will undertake a detailed analysis to identify priority zones for further development. Accordingly, well operations have been temporarily suspended, during which time further detailed open hole log analyses will be completed.
Marc E. Bruner, CEO and President of Galaxy commented, "We intend to fully review the results of this initial well and test several zones of interest for further evaluation. The European market for natural gas is extremely favorable and the results of this initial well warrant a detailed evaluation for its production potential."
Galaxy Energy Corporation is an oil and gas exploration and production company focusing on acquiring and developing coalbed methane and other unconventional natural gas properties in Wyoming, Montana, Colorado and Europe.
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