Galaxy Energy Receives Notice of Delisting Application

Galaxy Energy Corporation received a notice from the American Stock Exchange (Amex) staff indicating that Galaxy no longer complies with the exchange's continued listing standards, namely Sections 1003(a)(i), 1003(a)(ii), 1003(a)(iii), and 1003(a)(iv) of the Amex Company Guide, and that Galaxy's common stock is subject to being delisted from the exchange. Galaxy has the right to appeal the determination of the Amex staff before February 14, 2008. Galaxy has not yet decided whether to appeal such determination. If Galaxy does not appeal such determination, Galaxy's common stock will cease trading on the Amex after February 14, 2008. If delisted, management believes that Galaxy's common stock will be eligible for quotation on the Over-the-Counter Bulletin Board.