Galaxy Finds Duster in Germany

Galaxy Energy Corp. said Friday that the testing of the four primary zones of interest in the Glantal-1 well in Germany has been completed and that no significant natural gas flows were encountered. Operations are underway to plug and abandon the wellbore.

The Neues Bergland permit near Frankfurt contains the Pfalzer Anticline, which is a 515-square-kilometer structure containing deep, high-rank coal beds. The project mapping has always shown substantial compartmentalization of possible reservoirs over the anticlinal structure. The geological information obtained from the Glantal-1 well will be utilized to guide further planned exploration efforts. These plans include a specific seismic program covering selected portions of the Neues Bergland Exploration Permit, within which this well is located, to determine potential additional drilling locations.

Galaxy Energy, through its wholly-owned subsidiary, Pannonian International, holds a 30% working interest in the Glantal-1 well and the Neues Bergland permit.

Galaxy Energy Corp., a development-stage oil and gas exploration and production company, is focusing on acquiring and developing coalbed methane in the Powder River Basin of Wyoming and other unconventional natural gas properties in the Piceance Basin of Colorado, in addition to exploration activities in Germany and Romania. The company conducts its exploration activities through two wholly owned subsidiaries: Dolphin Energy Corp. and Pannonian International, Ltd.