Galleon announces filing of its Annual Information Form



    CALGARY, March 28 /CNW/ - Galleon Energy Inc. ("Galleon") today filed its
Annual Information Form which includes Galleon's reserves data and other oil
and gas information for the year ended December 31, 2007 together with the
report on reserves data by the independent qualified reserves evaluator on
Form 51-101F2 and the report of management and directors on oil and gas
disclosure on Form 51-101F3 as mandated by National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities of the Canadian Securities
Administrators. Copies of Galleon's Annual Information Form may be obtained on
www.sedar.com or by contacting Galleon.
    The reserve evaluation as provided by DeGolyer and MacNaughton Canada
Limited ("DeGolyer") required modification to reflect the actual royalties
applicable to certain of Galleon's light oil properties. As a result, the
present value of the future net revenues before income tax, discounted at 10%,
of Galleon's total proved plus probable reserves is $77.1 million higher than
that previously reported. Gross reserve volumes were not affected. The
following tables reflect the revised values and net volumes.

    Reserves

    Gross reserves are the total of the Corporation's working interest share
before deduction of royalties owned by others. Net reserves are the total of
the Corporation's working interest reserves after deducting amounts
attributable to royalties owned by others, plus the Corporation's royalty
interest reserves.
    The reserves of the Corporation (which does not include the reserves of
ExAlta Energy Inc. ("ExAlta") were evaluated by DeGolyer as at December 31,
2007.

    
    Forecast price case - Remaining Reserves as of December 31, 2007
    -------------------------------------------------------------------------
                         Light Oil (Mbbl)  Heavy Oil (Mbbl)  Sales Gas (MMcf)
    -------------------------------------------------------------------------
                          Gross      Net    Gross      Net    Gross      Net
    -------------------------------------------------------------------------
    Proved Developed
     Producing            5,920    4,675    1,751    1,393   44,515   34,019
    Proved Developed
     Non-Producing        1,193      963      820      680   18,605   13,612
    Proved Undeveloped    3,454    2,803    4,129    3,368   34,119   26,714
    -------------------------------------------------------------------------
    Total Proved         10,567    8,441    6,700    5,441   97,239   74,345
    Probable             11,259    8,887    4,692    3,719   54,298   41,270
    -------------------------------------------------------------------------
    Total proved
     plus probable       21,826   17,328   11,392    9,160  151,537  115,615
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -------------------------------------------------------
                           Natural Gas
                          Liquids (Mbbl)     Total (Mboe)
    -------------------------------------------------------
                          Gross      Net    Gross      Net
    -------------------------------------------------------
    Proved Developed
     Producing              275      186   15,365   11,924
    Proved Developed
     Non-Producing          139       90    5,253    4,002
    Proved Undeveloped      197      132   13,467   10,755
    -------------------------------------------------------
    Total Proved            611      408   34,085   26,681
    Probable                389      260   25,388   19,744
    -------------------------------------------------------
    Total proved
     plus probable        1,000      668   59,473   46,425
    -------------------------------------------------------
    -------------------------------------------------------

    DeGolyer used price assumptions in the forecast reserves pricing and costs
case as released by DeGolyer effective December 31, 2007.

    -------------------------------------------------------------------------
    Forecast Price Case                   Future Net Revenue Before Income
                                          Taxes as of December 31, 2007 ($MM)
    -------------------------------------------------------------------------
                                                Discounted
                                                       at:
    Reserve category                       Undisc       5%       8%      10%
    -------------------------------------------------------------------------
    Proved Developed Producing                510      443      412      394
    Proved Developed Non-Producing            140      110       97       90
    Proved Undeveloped                        309      214      175      155
    -------------------------------------------------------------------------
    Total Proved                              959      766      684      639
    Probable                                  848      615      523      473
    -------------------------------------------------------------------------
    Total proved plus probable              1,807    1,382    1,207    1,112
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Note: Future net revenue does not represent fair market value
    

    Galleon has approximately 67.8 million Class A shares (which includes
approximately 4.3 million Class A shares issued for the acquisition of ExAlta
on January 16, 2008) and 922,500 Class B shares issued and outstanding which
trade on the TSX under the symbols "GO.A" and "GO.B".

    Disclosure provided herein in respect of barrels of oil equivalent (boe)
may be misleading, particularly if used in isolation. A boe conversion ratio
of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.





For further information:

For further information: see www.galleonenergy.com or contact: Steve
Sugianto, President and Chief Executive Officer, (403) 261-9287,
steves@galleonenergy.com; Glenn R. Carley, Executive Chairman, (403) 261-9277,
glennc@galleonenergy.com; Shivon Crabtree, Vice President and Chief Financial
Officer, (403) 261-9276

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GALLEON ENERGY INC.

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