Galleon Energy Inc.

Transaction Type
Sellers
Marketers
Basin
Canadian Sedimentary
Post Date
Close Date
Estimated Price
MM
Description

Alberta-focused E&P Galleon Energy Inc., Calgary, (Toronto: GO) has retained GMP Securities LP, Cormark Securities Inc. and Macquarie Capital Markets Canada Ltd. to consider strategic alternatives including the sale of the corporation, merger or other business combination, asset sales and farm-out opportunities.

Galleon's assets are focused in the Peace River Arch area of northwestern Alberta and include light oil and Montney gas.

Its Eastern Montney gas project includes 45 horizontal wells with 38 on production. Galleon has access to more than 200 sections of prospective land in the Montney fairway with an average 90% working interest and some 400 potential drilling locations.

At its Kakut Doig light oil project, Galleon has drilled nine wells with 100% interest targeting the Doig formation with characteristics similar to the Bakken shale. The company holds an average 83% working interest in 53 sections with more than 200 locations identified.

Galleon additionally owns a gas plant with capacity of 30 million cubic feet per day.

Current production is 15,700 barrels of oil per day with 1,000 barrels per day behind pipe. Galleon holds some 695,000 net acres of undeveloped land. The reserve-life index is 15.8 years.

Contact Steve Sugianto, 403-261-6012.