Gallic provides update on operations in Tunisia



    Gallic Energy Ltd. (TSX Venture Exchange: GLE.A)

    CALGARY, Sept. 28 /CNW/ - Gallic Energy Ltd. ("Gallic") (formerly Exceed
Capital Holdings Ltd.) announces that the operator has completed testing of
two intervals at the Bhayra Rigo No. 1 well on the Jorf permit in the
dolomitized and fractured upper reef zone where circulation loss had occurred
during drilling. Recovery from the tests consisted of mixed drilling fluids
and formation water. After review of seismic and well data, Gallic, together
with the operator and other partners have decided to deepen the Bahyra Rigo
No. 1 well by approximately 300 metres to test a lower reef unit.
    Upon completion of drilling operations, the operator, Gallic and other
partners will have the option to renew the Jorf permit for an additional
2.5 year period. Data gathered from the exploratory well, together with
seismic review, will be used to assess the potential of several un-drilled
Permian structures which have been identified on this very large but sparsely
drilled permit.
    The common shares of Gallic are listed on the TSX Venture Exchange under
the symbol GLE.A. There are 135,094,982 shares issued and outstanding.

    Forward-looking Statements
    This press release contains forward-looking statements and the reader is
cautioned not to place undue reliance on these statements, as there can be no
assurance that the plans, intentions or expectation upon which they are based
will occur. By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predications, forecasts,
projections and other forward-looking statements will not occur or that actual
results would differ materially from estimated or implied results. In
particular, various factors can cause delays of prevent the operator from
carrying out the Bhayra Rigo No.1 deepening and testing program as scheduled,
including but not limited to unavailability of equipment and manpower.
Additional information on these and other factors that could affect Gallic's
operations and/or financial results are included in Gallic's reports on file
with Canadian securities regulatory authorities. Gallic does not assume any
obligation to update these forward-looking statements, except as required by
law.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.





For further information:

For further information: Mr. Richard W. DeVries, President, Tel: (718)
874-8319, Fax: (403) 770-8810

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