RENO, NV--(MARKET WIRE)--May 4, 2009 -- Galloway Energy Inc. (Other OTC:GWGI.PK - News) ("Galloway" or the "Company") wishes to advise that the "Adams Feed #1" well at the West Texas Project is proceeding to drill ahead on schedule.
The operator of the project has confirmed that the well is on target to reach T.D. (Total Depth) and shortly thereafter the requisite testing of any productive gas bearing zones will immediately commence. Galloway will know the commercial viability of the well and productive gas flow rates upon the completion of testing. The well is the first of a proposed development program targeting a minimum of 20 gas wells to be drilled across the acreage.
The "Adams Feed #1" well is located adjacent to the town of Ozona in Crockett County, Texas. The Ozona region has over 115 working wells currently in production and the program is deemed to be relatively low risk as the formational sands being tested are well known and historically documented as producers.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our energy properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.
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