Galleon Energy Inc.
TSX : GO

Galleon Energy Inc.

November 26, 2009 20:00 ET

Galleon Energy Inc. Announces Normal Course Issuer Bid for Class A Shares

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2009) - Galleon Energy Inc. (TSX:GO) ("Galleon" or the "Corporation") is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted Galleon's Notice of Intention to commence a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Galleon considers advisable, up to a maximum of 1,000,000 Class A shares ("Class A Shares") of the Corporation, subject to application by Galleon to the TSX to increase such maximum. Purchases of Class A Shares will be made on the open market through the facilities of the TSX. The price which Galleon will pay for any Class A Shares purchased by it will be the prevailing market price of the Class A Shares on the TSX at the time of such purchase. The actual number of Class A Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Galleon, subject to a maximum daily purchase limitation of 149,248 Class A Shares which equates to 25% of Galleon's average daily trading volume trading volume for the six months prior to October 31, 2009. The average daily trading volume for the six months prior to October 31, 2009 was 596,994.

The Bid will commence on December 1, 2009 and will terminate on November 30, 2010 or such earlier time as the Bid is completed or terminated at the option of Galleon. FirstEnergy Capital Corp. has agreed to act on the Corporation's behalf to make purchases of Class A Shares pursuant to the Bid.

The Bid is a renewal of Galleon's prior normal course issuer bid which expired on November 25, 2009. Under the prior normal course issuer bid, Galleon purchased for cancellation 10,100 Class A Shares at a weighted average price of $3.21.

Management of Galleon believes that, from time to time, the market price of its Class A Shares may not fully reflect the underlying value of the Class A Shares and that at such times the purchase of Class A Shares would be in the best interests of Galleon. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.

Galleon has approximately 85,090,883 million Class A shares issued and outstanding which trades on the TSX under the symbol "GO".

Contact Information

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