Galleon Energy Inc.

Galleon Energy Inc.

March 10, 2010 12:34 ET

Galleon Announces Recompletion of a Duvernay Shale Well and March 11, 2010 Conference Call

CALGARY, ALBERTA--(Marketwire - March 10, 2010) - Galleon Energy Inc. ("Galleon" or the "Corporation") (TSX:GO) is pleased to report that it has recently performed a recompletion of a Duvernay shale well at Puskwa in the Peace River area of northwest Alberta. Galleon has approximately 619 (503 net) sections of land with Duvernay rights.

In light of the 1,800 sections of Crown land posted in Alberta land sales on March 10 and 24, 2010, Galleon performed a Duvernay shale recompletion in an existing standing vertical well. Based on the well logs of this well, the Duvernay shale formation had approximately 106 feet of net pay with porosity greater than 3% on the Limestone density scale and had an associated strong gas kick on the mud log. The zone was fractured with a small 19 tonne slick water test fracture. This is a much smaller size fracture than the typical 100 tonne fracture used in the Muskwa shale in the Horn River Basin in B.C.

Initial recompletion results indicate burnable gas is present in the well. The well is still in the early stages of being evaluated. Results from Galleon's test fracture were encouraging particularly given the small size of the fracture. Galleon has budgeted for one Duvernay horizontal in 2010.

Galleon will hold a conference call following the release of its 2009 financial results on March 11, 2010.

Mr. Steve Sugianto, President and Chief Executive Officer will host the conference call on Thursday, March 11, 2010, at 9:00 AM Mountain time (11:00 AM Eastern time) to discuss the Corporation's 2009 year end results.

To join in the conference call, please call the conference call operator at: 1-800-446-4472 (North America) or 1-416-340-8410 (outside of North America) prior to the call's start time and ask for the "Galleon Energy Inc. Conference Call."

A replay of the conference call will be available until March 18, 2010, by dialing 1-800-408-3053 pass code: 8873830

The Conference Call will be archived on Galleon's website at

Galleon has approximately 85.1 million shares issued and outstanding which trade on the TSX under the symbol "GO".



Certain information regarding Galleon Energy Inc. in this news release including management's assessment of future plans and operations and drilling plans, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Galleon's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (, at Galleon's website ( Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Galleon does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Disclosure provided herein in respect of barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Contact Information

  • Galleon Energy Inc.
    Steve Sugianto
    President and Chief Executive Officer
    (403) 261-6012
    Galleon Energy Inc.
    Glenn R. Carley
    Executive Chairman
    (403) 261-6012
    Galleon Energy Inc.
    Shivon Crabtree
    Vice President and Chief Financial Officer
    (403) 261-6012