RENO, NV--(Marketwire - April 21, 2009) - Galloway Energy Inc. (
Further to the announcement on April 13th, and to clarify matters, Galloway has secured a first right of refusal to participate in a large, gas production project located on 12,900 acres in the Barnett Shale area of West Texas. The target property 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.
This acquisition positions Galloway with a junior position alongside a list of distinguished and well established companies in the area such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. Given that 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), the opportunity could well extend far into the future as it is widely believed that the true reserves have the potential to ultimately prove in excess of 30 Tcf.
Company President and CEO Shane Lowry comments, "Recent successes with hydraulic fracturing and horizontal drilling techniques increasingly enable local operators to push the horizon on this already prolific producing region. The growing requirements for clean energy will inevitably impact and increase the demand and price for natural gas. These basic factors proved very compelling to us and were instrumental in determining that the immediate acquisition of producing assets is an increasingly strategic approach towards a potentially highly profitable outcome. Galloway plans to continue our process of strategic acquisitions and will expand on this aggressive quest during what appears to be a period of significant undervaluation in order to roll up as many profitable opportunities 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.
ON BEHALF OF THE BOARD Galloway Energy Inc. - - - - - - - - - - - - - - - - - - Shane Lowry President and Chief Executive Officer