Galleon Extends Puskwa Oil Pool

Peace River Oil Sands
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Galleon Energy Inc. has completed a vertical well located at 12-13-72-26W5M (100% interest) that extends the northern border of the Puskwa light sweet oil pool in Alberta's Peace River area, adding approximately 2 1/2 sections (1,600 acres) of 100% Galleon land to the pool. Currently, the pool delineation is approximately 2-3 miles in width and 5 miles in length based on drilling results, geological and 3D seismic interpretation.

To December 31, 2006, Galleon has drilled 12 wells (11 cased wells) in a 4 section area to the southwest of this northern extension. As previously disclosed, tested capacity of these 11 wells is in excess of 11,150 boepd. The wells are currently under EUB imposed restricted production rates pending regulatory approval. It is expected that production from the 12-13 well will also be initially restricted by the EUB.

The 12-13 well is located approximately 5 miles from the first major well in the pool located at 16-32-71-26W5M. One well (100% interest) is currently drilling and is located a further 1.5 miles northeast of the 12-13 well. One well (100% interest) is planned to be drilled in February and is located a further 4.5 miles northeast of the 12-13 well. Depending upon the success of the drilling program, up to 25 wells are planned at Puskwa in the remainder of 2007 and 2008.

The 12-13 well was rig released on January 26, 2007. The well was drilled to a total depth of 10,630 feet and encountered 26 feet of oil pay in the Beaverhill Lake formation. The well is expected to commence production at restricted rates of between 150 and 250 boepd (88% oil and 12% gas) with no water. The quality of the light sweet oil is 38 degrees API.

Galleon is a technically oriented high growth 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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