GALLIC ENERGY LTD. (TSX Venture Exchange: GLE.A)
CALGARY, Sept. 3 /CNW/ - Gallic Energy Ltd. along with its wholly owned
subsidiaries (collectively, "Gallic" or the "Company") is pleased to announce
the award of a second exploration permit in France and to provide a progress
report on its various initiatives in the international oil and gas exploration
sector. Gallic has been actively assembling a portfolio of exploration
opportunities in France and Australia.
Gallic has received final approval from the French Ministry of Industry
for the assignment to it of a permit for exploration rights for a second area
of 781 square kilometers (192,989 acres) in the Aquitaine Basin of France (the
"Ledeuix Permit"). The Ledeuix permit is situated about 10 kilometers south of
the Lacq field and about 24 kilometers west of the Meillon field. The permit
area is also about 30 kilometers east of the Company's Ger permit.
Earlier this year (see April 22, 2008 press release) Gallic announced
that it had received final approval from the French Ministry of Industry for
exploration rights over an area of 514 km(2) (127,012 acres) in the Aquitaine
Basin of France (the "Ger Permit").
Gallic intends to commence a work program as soon as possible on its
French permits. The initial plan will be to collect and reinterpret all of the
available data from the area in order to determine the potential for
re-entering or drilling a new well at a later date and the need to acquire new
The Company also has a third application for exploration permits in
Western Europe, which continues to progress and which is confidential to avoid
Gallic has also reached the final stages in the approval process
regarding its application for exploration rights for Block L05-8 in the
Canning Basin, Western Australia. The Canning Block comprises an area
approximately 294,000 hectares (726,489 acres) and Gallic has identified
exploration potential that would be the focus of its anticipated future oil
exploration activities in the area. The applicable legal agreements are
undergoing finalization and execution.
Gallic is encouraged by progress on these various applications as it
continues to take the necessary steps to build its portfolio of oil and gas
prospects in Western Europe and Australia. Gallic's objective is to build an
inventory of significant oil and gas prospects with varying risk profiles in
politically and economically stable jurisdictions, on which it can commence
The common shares of Gallic Energy Ltd. are listed on the TSX Venture
Exchange under the symbol GLE.A.
This press release contains forward-looking statements concerning the
Company's expectations of future cash flow, earnings and expansion of its oil
and gas property interests and concerning the Company's regulatory
applications. These statements are based on current expectations that involve
a number of risks and uncertainties, which could cause actual results to
differ from those anticipated. These risks include, but are not limited to:
the risks associated with the oil and gas industry (e.g., operational risks in
development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
uncertainty of reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), acquisitions, commodity price, price and exchange rate
fluctuation and uncertainties resulting from competition from other producers
and ability to access sufficient capital from internal and external sources.
Additional information on these and other risk factors that could affect the
Company's operations and/or financial results are included in the Company's
reports on file with Canadian securities regulatory authorities. 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.
The forward-looking statements or information contained in this news
release are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
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