Galleon Energy Inc.
TSX : GO

Galleon Energy Inc.

November 29, 2010 06:01 ET

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

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2010) - 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 make a normal course issuer (the "NCIB"). Under the NCIB, Galleon may purchase for cancellation, from time to time, as Galleon considers advisable, up to a maximum of 2 million Class A shares ("Class A Shares") of the Corporation or approximately 2.4 percent of the issued and outstanding Class A Shares. 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 132,981 Class A Shares which equates to 25% of Galleon's average daily trading volume trading volume for the six months prior October 31, 2010. The average daily trading volume for the six months prior to October 31, 2010 was 531,927.

The NCIB will begin effective as of December 1, 2010 and will terminate on November 30, 2011 or such earlier time as the NCIB is completed or terminated at the option of Galleon. FirstEnergy Capital Corp. will continue to act on the Corporation's behalf to make purchases of Class A Shares pursuant to the NCIB.

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.

Under Galleon's normal course issuer bid currently in place which commenced on November 30, 2009 and expires on December 1, 2010, Galleon purchased a total of 1,187,800 Class A Shares for cancellation at weighted average price of $3.50.

Galleon has 83,980,083 Class A Shares issued and outstanding which trade on the TSX under the symbol "GO".

Contact Information

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