RENO, NV--(MARKET WIRE)--May 1, 2009 -- Galloway Energy Inc. (Other OTC:GWGI.PK - News) ("Galloway" or the "Company") today is pleased to announce that the "Adams Feed #1" well, which is the first of the previously announced multi-well development program, has commenced drilling at the West Texas project. The gas well is drilling ahead, and will reach the total depth within 4 days. The Company expects results on gas pay zone intervals and will have a very good idea as to the commercial viability of the well and productive gas flow rates shortly thereafter. Galloway will update results as soon as further news becomes available.
The "Adams Feed #1" well is located adjacent to the town of Ozona in Crockett County, Texas. As previously announced, Galloway has secured a first right of refusal to participate in the gas project located on 12,900 acres in the Barnett Shale area of West Texas. The area is a well documented and prolific region benefiting from the presence of established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. The Barnett Shale is one of the largest sources of Natural Gas in the USA with proven reserves of 2.5 Trillion cubic feet (Tcf) which many companies believe is far short of a reserve potential that may prove to be significantly closer to 30Tcf or more. The property in question has over 115 working wells currently in production, as a result of which Galloway's participation will result in immediate cash flow for the Company.
Company President and CEO Shane Lowry comments, "The news from West Texas is very promising and we look forward to announcing what we believe will be positive results in short order. Galloway is entering a growth phase and we look forward to turning our strategic aims into practical reality as quickly as possible."
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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