Galloway Energy Inc.

Galloway Energy Inc.

May 12, 2008 14:41 ET

Galloway Energy Inc. (GWGI) Finalizes Gold Exploration Property Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2008) - Galloway Energy Inc. (PINK SHEETS:GWGI), "The Company", is pleased to announce that it has finalized the acquisition of the Fraser Claim in British Columbia. The company feels that 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 Fraser bend claims are situated in the legendary Cariboo mining district in central British Columbia. The claims are central to the famous Gold Rush Trail and on the high gold bearing structure referred to as the Fraser Bend Formation stretching all the way to the Yukon. The Cariboo is one of the most strategic, high potential placer gold bearing areas in BC.

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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