Galloway Energy Inc.

Galloway Energy Inc.

August 01, 2008 09:00 ET

Galloway Energy Inc. Finalizes Third Gold Exploration Property Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Galloway Energy Inc. (PINK SHEETS:GWGI), "The Company", is pleased to announce that it has finalized the acquisition of the third Fraser Claim in British Columbia. This new claim is in keeping with the company's objective of defining and acquiring properties that have been underdeveloped or overlooked and are now deemed economical due to significant global increases in both prices and demand for commodities.

The property is strategically located adjacent to the company's previously announced claims. The acquisition of the properties to date has been based on the encouraging review of historical data and government reports as well as current activity in the direct area and in the Cariboo mining region in general. The Cariboo gold belt in BC has been a prolific producer of gold and Galloway's properties are in proximity to multiple operating mines and many projects that are in advanced stages.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Galloway Energy Inc.

President, Shane Lowry

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