Galaxy Energy Corporation Provides Update for Drilling Program in Germany
February 01 2006 - 7:30AM
PR Newswire (US)
* Total Depth Reached DENVER, Feb. 1 /PRNewswire-FirstCall/ --
Galaxy Energy Corporation (AMEX:GAX), through its wholly owned
subsidiary Pannonian International Ltd. (Pannonian), announced
today that it completed drilling its initial test well, Glantal-1,
located in southwest Germany. The Glantal-1 well was drilled as a
directional well to a total depth of 1,687 meters. The well is
located on the company's 149,000 acre property Neues Bergland
Exploration Permit near Kusel, Germany. Pannonian is the operator
of a four-company joint venture group with a 24% working interest
in the well and will act as the operator for the first three wells
in Phase One and Two. Based upon the initial review of open hole
logs, several zones of interest exist. The Company indicated that
based on initial well results it will undertake a detailed analysis
to identify priority zones for further development. Accordingly,
well operations have been temporarily suspended, during which time
further detailed open hole log analyses will be completed. Marc E.
Bruner, CEO and President of Galaxy commented, "We intend to fully
review the results of this initial well and test several zones of
interest for further evaluation. The European market for natural
gas is extremely favorable and the results of this initial well
warrant a detailed evaluation for its production potential." About
Galaxy Energy Galaxy Energy Corporation is an oil and gas
exploration and production company focusing on acquiring and
developing coalbed methane and other unconventional natural gas
properties in Wyoming, Montana, Colorado and Europe. Forward
Looking Statement This press release consists of forward-looking
statements regarding the intent, belief or current expectations of
the Company and its management. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties,
and actual results could differ materially from those indicated by
such forward looking statements. The Company assumes no obligation
to update the information contained in this press release, whether
as a result of new information, future events or otherwise. Please
refer to the company's filings with the United States Securities
and Exchange Commission for discussions of risks and uncertainties
found in Forms 10-KSB (annual report), 10-QSB (quarterly report)
and other filings. Additional information may be found at the
Galaxy Energy Corporation Web site, http://www.galaxyenergy.com/ or
by calling Brad Long, Investor Relations/Galaxy Energy (800)
574-4294, Bevo Beaven or Bill Conboy of CTA Public Relations (303)
665-4200, Tina Cameron of Renmark Financial Communications (514)
939-3989, or Kathleen Heaney of Integrated Corporate Relations
(203)-682-8242. CONTACT: Brad Long / Investor Relations Bevo
Beaven, Vice President/GM Galaxy Energy Bill Conboy, Vice President
(360) 945-0395 CTA Public Relations, Inc. (800) 574-4294 (303)
665-4200 DATASOURCE: Galaxy Energy Corporation CONTACT: Brad Long,
Investor Relations of Galaxy Energy Corporation, +1-360-945-0395,
or +1-800-574-4294; or Bevo Beaven, Vice President/GM, or Bill
Conboy, Vice President, both of CTA Public Relations, Inc.,
+1-303-665-4200, for Galaxy Energy Corporation Web site:
http://www.galaxyenergy.com/
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