Galaxy Energy Appeals Amex Delisting

Galaxy Energy Corporation has filed an appeal requesting a hearing before an American Stock Exchange (Amex) panel regarding the continued listing of the company's common stock on the exchange. The appeal automatically stays the delisting of Galaxy's common stock pending a hearing date and Amex's decision.

As previously announced, Amex notified Galaxy that the company was no longer in compliance 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 was subject to delisting. Galaxy had the right to appeal the determination of the Amex staff by February 14, 2008.

The hearing is expected to be held within 45 days, with the time and place to be determined by Amex. During this period, Galaxy's stock will continue to be listed on the Amex pending the outcome of the appeal. No assurances can be given that the appeal will be successful.

If Galaxy's appeal is not successful, the company would likely pursue quotation on the Over-the-Counter Bulletin Board (OTCBB). Galaxy traded on the OTCBB prior to listing on the Amex in November of 2005.