Galleon Energy Inc. and ExAlta Energy Inc. jointly announce ExAlta Shareholder and Court Approval and Completion of Plan of Arrangement

    CALGARY, Jan. 16 /CNW/ - Galleon Energy Inc. ("Galleon") and ExAlta
Energy Inc. ("ExAlta") are pleased to announce the successful completion of
the acquisition by Galleon of all of the outstanding common shares of ExAlta
pursuant to a plan of arrangement (the "Arrangement"). Shareholders of ExAlta
voted in excess of 99.9% in favour of the Arrangement and the Arrangement was
approved by the Court of Queen's Bench of Alberta on January 16, 2008.
    Pursuant to the Arrangement, the previous shareholders of ExAlta are
entitled to receive, for each outstanding common share of ExAlta held by them,
0.118 of a Class A Share of Galleon. After giving effect to the Arrangement,
Galleon has approximately 67.62 million Class A Shares outstanding.
    Letters of transmittal have been forwarded to shareholders of ExAlta to
be utilized in order to exchange their common shares of ExAlta for Class A
Shares of Galleon.
    Within two to three business days of the Toronto Stock Exchange (the
"TSX") confirming receipt of all necessary documents in connection with the
closing of the Arrangement, the common shares of ExAlta will be delisted from
the TSX.

For further information:

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

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