Galaxy Energy Announces Letter of Intent to Sell Its Piceance Basin Properties for $50 Million
01 Agosto 2006 - 1:00PM
PR Newswire (US)
DENVER, Aug. 1 /PRNewswire-FirstCall/ -- Galaxy Energy Corporation
(AMEX:GAX) has entered into a non-binding letter of intent with
Exxel Energy Corp. (TSXV Symbol: EXX) to purchase Galaxy's interest
in its unconventional natural gas properties in the Piceance Basin
of Colorado. The agreement would provide for Exxel's wholly-owned
subsidiary, Exxel Energy USA Inc., to pay $50 million (US) to
acquire Galaxy's undivided 25% working interest in the Garfield
County, Colorado project known as Rifle Creek. Exxel USA owns the
other 75% working interest in Rifle Creek. The project currently
consists of a total of approximately 6,000 net acres, including
three producing wells. The parties have committed to negotiate the
agreement over the next several weeks, and the agreement is subject
to Exxel's obtaining financing, approval by Galaxy's senior
lenders, and other terms and conditions. Galaxy has obtained a
preliminary agreement from certain related parties to provide
bridge financing to support the company's operations during the
period required to negotiate and close the agreement with Exxel.
About Galaxy Energy Galaxy Energy Corporation, a development stage
oil and gas exploration and production company, is focusing on
acquiring and developing coalbed methane in the Powder River Basin
of Wyoming and other unconventional natural gas properties in the
Piceance Basin of Colorado, in addition to exploration activities
in Germany and Romania. The Company conducts its exploration
activities through two wholly owned subsidiaries, Dolphin Energy
Corporation and Pannonian International, Ltd. 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-K (annual report), 10-Q (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 at (800)
574-4294, Bevo Beaven or Warren Laird of CTA Public Relations at
(303) 665-4200, Tina Cameron, Renmark Financial Communications at
(514) 939-3989 or Kathleen Heaney (203) 803-3585 of Integrated
Corporate Relations. CONTACT: Brad Long / Investor Relations Bevo
Beaven, Sr. Vice President/GM Galaxy Energy Warren Laird, Senior
Account Executive (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,
+1-360-945-0395, or +1-800-574-4294; or Bevo Beaven, Sr. Vice
President/GM, or Warren Laird, Senior Account Executive, both of
CTA Public Relations, Inc., +1-303-665-4200, for Galaxy Energy
Corporation Web site: http://www.galaxyenergy.com/
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