Galleon Closes $60 Million Financing

Galleon Energy has closed financing of 1,869,200 Class A shares at $16.05 each and 1,463,400 Class A Shares issued on a "flow-through" basis at $20.50 each for aggregate gross proceeds of approximately $60 million.

GMP Securities led the underwriting syndicate, along with Cormark Securities, FirstEnergy Capital, Scotia Capital, TD Securities, HSBC Securities and Maison Placements Canada.

After giving effect to the equity issuance, Galleon has approximately 63.1 million Class A shares and 922,500 Class B shares issued and outstanding which trade on the TSX under the symbols "GO.A" and "GO.B".

Galleon is a technically oriented high growth oil and gas company with focused operations in the Peace River area of Alberta. Galleon commenced operations in October 2003 and has had significant success in acquiring undeveloped acreage, drilling and purchasing production. Land access is approximately 1 million gross acres.

The Class A Shares issued have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.


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