RENO, NV -- 05/01/09 -- Galloway Energy Inc. (PINKSHEETS: GWGI) ("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."
Thanks for good tips on your company.In the U.S. financial markets, the term penny stock commonly refers to any stock trading outside one of the major exchanges (NYSE, NASDAQ or AMEX), and is often considered pejorative. The official definition of a penny stock is a low-priced, speculative security of a very small company, regardless of market capitalization.
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