Galleon Announces Sweet Light Oil Pool Discovery

Galleon Energy has made a major light sweet oil discovery in the Puskwa, Alberta, area of Peace River Arch.

The second well (100% interest), located at 16-32-71-26W5M, was drilled three miles from the 13-11 well with rig release on March 1, 2006. This well was drilled to a total depth of 10,354 feet and encountered 33 feet of oil pay with 14 percent weighted average porosity based on log analysis. The well flow-tested at a rate of 2,559 boepd (90 percent oil and 10 percent gas) on a 10.32-mm choke. Reservoir drawdown was 10 percent during the test. The quality of the light sweet oil is 38 degrees API.

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