Galloway Energy Inc.
PINK SHEETS : GWGI

Galloway Energy Inc.

May 15, 2008 09:00 ET

Galloway Energy Inc. (GWGI) Acquires Majority Interest in Second Gold Exploration Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2008) - Galloway Energy Inc. (PINK SHEETS:GWGI), "The Company", is pleased to announce that it has entered into a formal Letter of Intent (LOI) to acquire a majority working interest in a second gold and silver exploration property. The property is strategically located to the initial property previously announced.

This second property is in keeping with the company's objective of defining and acquiring interests in underdeveloped and overlooked properties that are now deemed economical due to significant global increases in both demand and prices of commodities.

The property is defined as the Fraser Claim #550719 and is situated in the Caribou Mining Division in the province of British Columbia. It is 482.322 hectares and is in an accessible location. The company feels that this property in conjunction with its initial claim gives it a stronger foothold in this area.

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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