Galleon Completes Horizontal Well at Puskwa

Galleon Energy Inc. said that it has completed the fourth horizontal well at Puskwa, Alberta.

The well, a re-entry of a vertical well, is located at 11-10-72-26W5M (100% interest) and was rig-released on December 25, 2006. It was drilled to a total measured depth of 11,270 feet and encountered 731 feet of horizontal oil pay in the Beaverhill Lake formation. The well flowed, during an initial test period of 60 hours, at an average rate of 650 boepd (88% oil and 12% gas) with no water. After completion of testing, the well will commence production at a restricted allowable rate yet to be determined. The quality of the light sweet oil is 38 degrees API.

This horizontal well is significant because it is a re-entry of a marginal vertical well and it has the potential for establishing highly economic production at what appears to be the western pool edge. The northern and eastern pool edges have not yet been delineated.

Tested capacity of all wells drilled to date at Puskwa exceeds 11,150 boepd net of light sweet oil. The wells are currently under EUB imposed restricted production rates pending regulatory approval. It is expected that production from the 11-10 well will also be initially restricted by the EUB.

Due to successful 2006 drilling program at Puskwa, Galleon continues to expand the delineation of the large oil pool. One vertical well (100% interest) is currently drilling within 5 miles of the first major well located at 16-32-71-26W5M. One well (100% interest) is expected to commence drilling within two weeks. It is located within 6 miles of the 16-32 well. In February 2007, one well (100% interest) is planned to commence drilling within 9 miles of the 16-32 well. Depending upon the success of the drilling program, up to 25 wells are planned in the remainder of 2007 and 2008.

Galleon is a technically oriented high-growth junior oil and gas company with focused operations in the Peace River area of Alberta. Galleon has access to over 1 million gross acres of land.


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