Galloway Energy Inc.

Galloway Energy Inc.

May 07, 2008 18:45 ET

Galloway Energy Inc. (GWGI) Announces Majority Interest in Gold Exploration Property Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 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 gold and silver exploration property.

This initial exploration 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 and is situated in the Caribou Mining Division in the province of British Columbia. It is 482.37 hectares and is in an accessible location. The company feels that this initial claim gives it an early foothold in this area and has potential for further acquisitions and exploration.

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.

Shane Lowry, President

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