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Hey SLBrown:
First of all I want to state for the record That my conversation with Shane Lowrey was real and that I don't believe that anything he had said to me is illegal. There is nothing wring with telling someone that a pr being prepared and that other news is coming within a few days.... That is not illegal. There may be some things that galloway is not kosher on and trust me the jury is not out yet on this company. I hope that the assumtions of them being controlled by a bigger company is true and if so then that would explain the lack of communication. if there is a scam I will be on lile with you at finfa and sec.. right now we need to wait and see what is happening. I think that they will start to communicate. So far I have not seen anything illegal, just stupid and with lack of concern for hte shareholders.. Remember you will get that with small pink sheet companies they also dont have the manpower and resources to have an investor relations department. this is just my opinion....
Oh yea, by the way, Trade4rent/trade4shoes you are the real smart one of this board! You totally figured this out and I am sharing your message, along with jabs message with FINRA. Frankie's threat to Shane Lowry is so laughable and only proves what moron he is!!! Trade4rent/trade4shoes I will email you what I found out from FINRA hotline folks regarding my complaint. Please people, be smart about this, you can probably make a few bucks with this stock till they get caught, but not much, so get out early. Best of Luck to most of you!
As I have always said, some of us work hard and tell the truth, while others shoot off their mouths and make stupid threats and stupid remarks without doing anything constructive. Sadly they get to benefit from all the hard work done by a few. I am sure an apology is completely beneath this person who made accusations and insulted many. Yet now some of you think everything is a okay! God help us! As my last post, let me say that I hope everyone gets what is coming to them - some good, some bad. I will tell you that this is far from over I have had various conversations this week w/FINRA as they have called for additional information and hopefully close in on these ripoff artist. I did all I could to help, despite selling my shares, yet some made it very unworthwhile and I refuse to help some absolute morons take advantage of my work. Oh by the way JABS, what Lowry told you is completely illegal and I will be passing this on to FINRA also. I wish the best to all, except Frankie. Do not let this snake, weasel his way back into this message board. BYE
hey shane lowery i know your a busy man and all,but without any follw up news in aday or two iget this feeling that this little boom today will fade away,and this stock will be back at .045. to many unanswered questions .why not make your investors especially the new ones that bought today feel like hey this could be areal ligit investment.dont throw us a bone every few weeks,. AND FOR GOD SAKE KEEP US UPDATED GOOD OR BAD NEWS.I KNOW YOUR A SMART MAN,OR MAYBY NOT.MAYBY IM TALKING TO THE WRONG GUY. HEY NEW PR MAN KEEP US UPDATED EVERY FEW DAYS LIKE THIS COMPANY USED TO.MAKE US SOME MONEY .IM A SICILIAN IN BROOKLYN NY. AND YOU DONT WANT TO MESS WITH ME.
I think I found the problem. The key phrase in the following GWGI press release seems to be "RIGHT OF FIRST REFUSAL". Which meant they didn't actually "own" a position...we were buying GWGI on the prospect of them having a position. I think what happened is Northern Exploration took that position leaving Galloway with nothing. Since May 8th they have been trying to regain some sort of foothold. That is why nobody in the Ozona area heard of them...because they were really not a part of the deal.
If you look at the press releases below, on April 13th Galloway's says they have "secured a first right of refusal to purchase 50% of Dominus' working interest". Again on May 1st they refer to "first right of refusal", therefore they still didn't have any ownership. On June 1st Northern's says "Norex has acquired a 63% Working Interest in the project located near Ozona in Crockett County, Texas. The agreement is based on future commitments whereby Norex will pay 100% of the cost of drilling and completion of the gas wells in exchange for their 63% Working Interest."
The Oilfield Glossary defines "first right of refusal" as:
1. n. [Oil and Gas Business]: The right that other parties to a lease, well, unit and/or concession, have to acquire the interest that a selling party owns prior to selling to any third party.
It looks like Galloway lost out to "the third party", which was Northern and now GWGI is back with a smaller position. This is my hypothesis of the situation.
You can see the whole PR's below:
April 13th: "Galloway Energy Inc, today is pleased to announce it has entered into an agreement with Swiss-based resource management corporation Dominus Energy AG whereby Galloway has secured a first right of refusal to purchase 50% of Dominus' working interest in a large, gas production play located in West Texas."
May 1st: "As previously announced, Galloway has secured a first right of refusal to participate in the gas project located on 12,900 acres in the Barnett Shale area of West Texas. The area is a well documented and prolific region benefiting from the presence of established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. The Barnett Shale is one of the largest sources of Natural Gas in the USA with proven reserves of 2.5 Trillion cubic feet (Tcf) which many companies believe is far short of a reserve potential that may prove to be significantly closer to 30Tcf or more. The property in question has over 115 working wells currently in production, as a result of which Galloway's participation will result in immediate cash flow for the Company."
June 1st: "Northern Exploration (Norex) is pleased to announce that the Company has now completed the execution of a definitive agreement in regards to the "Ozona Gas Project" with Swiss-based resource management corporation Dominus Energy AG.
Under the terms of the agreement, Norex has acquired a 63% Working Interest in the project located near Ozona in Crockett County, Texas. The agreement is based on future commitments whereby Norex will pay 100% of the cost of drilling and completion of the gas wells in exchange for their 63% Working Interest. Under the terms of the underlying agreement with the vendors and royalty holders, Norex will receive a 47.5% Net Revenue Interest in all natural gas production from the project."
Trade
Sorry to hear that you bough at .27. I hope that this thing moves up to .50. The only thing I can say in possible defense of Galloway since I have had other plays in O & G companies is that if the main player says that there will be no pr on something then they will have to accept that. What i am gettin gat is Dominus for some reason might have put the silent treatment on Galloway. Could have been for a number of resons, It is clear that Dominus and Northern are in some sort of play maybe the additional leases were not signed and they didn't want the price to go up. hopeing for one of these reasons. Would like to believe that galloway just might be one of the real ones. Time will tell. Hope you see green soon
Nice day so far and holding close to highs... Wonder if some late afternoon steam will come in and break the .10 barrier...
I hope this is a REAL upturn. There was no mass email from a PR company so perhaps things will remain steady and this won't be a pump and dump. Congrats to anyone that bought at .045 as you have doubled your money...but who knew???? I'm one of those saps that bought at .27, so I have a ways to go before I see any green. I'm so distrusting at the moment that I'm thinking that the lack of information was a ploy to get the pps down so it could be bought by insiders for cheap then sold. Very easy way to double your money...we shall see.
Thank-you Jabs!! It's nice to have another person that is seeing what I am. Also, I still can't find ANY information on Dominus Energy!!!! If they are the primary owner you would think that they would have some sort of profile that you could find on-line. Perhaps someone might know if a very wealthy individual could incorporate themselves in Switzerland as an entity such as "Dominus Energy". Perhaps Dominus is really a single person (DBA) that has bank rolled the efforts of a group of smaller companies such as Northern and Galloway. That is the only answer that I can come up with as to why "Dominus" has no website or information other than that found in a press release.
Just sent email with the Northern Pr to info@gallowayenergyinc.com. asking them to explain the relationship. If I get an answer I will post. Unfortunately thy have never returned an email from me yet but we will see. I was able to reach them on phome and got some answers but still nead to know about northern and dominus and galloway love triangle
Well so far it seems that we are having a good morning.. 1.5m shares traded. stock moved maybe some of the board members recouped some of the losses. I see that Framkis is back on board and seems to be happ today. Welcome back frankie..... Glad you are on our side. Please remember that this pr was good news and lets hope that there will be more good news to come. We still need to know what the relationship with Northern is. IMO they are just another small company buying itot Dominus but time will tell. I am concerned that the PRS for northern and Galloway are very similar maybe they are coming from the mothership Dominus... I would have to believe that they are pulling the stings on both companies. Only time will tell...
Wonder if we get an afternoon rush to break .10....
We got good news today but I don't, Don't Don'r recommend telling all our friends to jump on board yet. As I said time will tell.... Lets see what they have to say
We dont' need fluff PR'S all the time. I like the solid PR with rates and this brings creditablity to the company. I would rather have a staright forward PR every 3 weeks to a month then multiple fluff PR's every other day.
like i said .10 cents today and more news tonite stock will be at .15 cents in the morning.
hey jabs im declaring you leader and consultant on this board will follow you and your advise.im just amased that i could get back in at less than .06.confident that more news will come out soon and stock will go up little by little.good luck to all. were goint to be richhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh!!!!!!!!!or this just might be a tease either way im mback in babyy!!
On June 3rd Northern Exploration's (NXPN) press release had the exact same details as this new GWGI pr.
NXPN:"The natural gas well was drilled, cased, completed and stimulated in the Wolfcamp Canyon Sandstone Formation. Upon tie-in to the pipeline infrastructure, the well has been producing gas since May of 2009 at daily rates of 200 MCF per day.
Estimates of gas reserves associated with this well are approximately 0.5 BCF. The gas is sold under a purchase agreement with Eagle Rock Energy and is currently priced at a bid-week production price of $4.04 per MCF.
This initial well is the first of 20 wells that will be drilled and completed on the leased acreage. Further details will be announced to stakeholders regarding the timing of the on-going development plan at the Ozona Project."
GWGI:"The gas well was drilled, cased, completed and stimulated during the past month. Subsequent to the completion of a tie-in to the pipeline infrastructure, the well has been producing gas since late May of 2009 at daily rates of 200 MCF per day.
The operator has estimated that the gas reserves associated with this well are approximately 0.5 BCF. This initial well is the first of 20 wells that are planned to be drilled and completed on the leased acreage. Further details will be announced to stakeholders regarding the timing of the on-going development plan at the West Texas Project as information becomes available."
Did GWGI just copy Northern's pr and switch some details??
They both have disclosed that they are in partnership with "Dominus Energy" so it could very well be the same well. However, who is Dominus Energy????? I'd really like some answers!
Awesome job Jabs!
Unfortunately, this stock has taken such a beating, that there is just way too much good news that must come out daily/weekly to get the stock back where most of us bought in at.
Obviously it's much better to have the stock at $0.08 than $0.03, but it's FAR from $0.20+
as per my conversation with shane lowery yestersay. Galloway is a small player in the well and that is why they were not allowed to talk about the results. Dominus is the major player. He also stated that they have nothing t do with Morthern, It appears that Morthern is just another player with dominus. IMO that is probably the reason that the results were kept quite till Dominus and Northern worked out their deal. They could also have been working on additinal leases. Nobody will know all we can do is wait for additional news to come out. Believe me, My calls and emails will not stop to company till all the questions are answered. I am on it...My suggestion is that we all keep on them till we get the answers that we are looking for. Also we need to get somone from the company on this board to discuss day to day public information.
A long overdue pr does not make me trust Galloway. I'm with you Sbleau, I'm going to watch for a while. I could average way down if I bought now...and if they had been communicating with us rather than letting us wonder about their credibility I would. However, doesn't anybody think that this pr is just a bone we are being tossed to keep the company from going to zero and to keep the SEC away??? I'm sorry but the pr says "The gas well was drilled, cased, completed and stimulated during the past month. Subsequent to the completion of a tie-in to the pipeline infrastructure, the well has been producing gas since late May of 2009 at daily rates of 200 MCF per day."
If the well has been producing gas since late May I just don't understand why we weren't told about it. You don't need a PR company to send out a press release. I still want to know who this Shane Lowrey is, I still want to know about Dominus, and I still think there is some tie in with Northern. Why would they let the stockholders get so upset???? I still think something's fishy.
Brown, are you still around? Have you discovered anything else?
Hey frankie
Maybe we can be friends. I vented some anger at you so I am sorry. I know you must have been frustrated also. By the way when I spoke to Shane Lowrey yesterday, I guess it really was him since the pr came out today he said to look for another one by mid to end of week. I guess there must have been a real good reason for waiting so long. As we all can see a good pr followed up by another in pinkie land creates movement. Lets just hope everyong rides this without some quick profit taking want to try to make up losses...
while your waiting on news now is a good time to buyyyyyyyyyyyyyyyyy
For all of us who have waited a long time for this news. Lets see where it goes from here. Been sitting on this for awile.
buy buy its goint to .10cents and .15 cents tomorrow morning
more news and info on a weekl;y basis would give this company more credibility
This is good news but they lost a great deal of credibility and Mo. They have to build on this going forward.
i didnt doubt you jabs.dont know why the stock misnt moving though .05cents is agood buy now im sure theres goint to be more news now
Hey Frankie Holy shit I guess Shane Lowrey was not lying to me. Guess I should not have sent that nasty email to him at 8am this morning.
Galloway Energy Announces West Texas Gas Well in Production
RENO, NV, Jun 09, 2009 (MARKETWIRE via COMTEX) -- Galloway Energy Inc. (PINKSHEETS: GWGI) ("Galloway" or the "Company") is pleased to advise that the West Texas Project gas well announced as part of the Company's acquisition program is a producing, commercially viable well.
The gas well was drilled, cased, completed and stimulated during the past month. Subsequent to the completion of a tie-in to the pipeline infrastructure, the well has been producing gas since late May of 2009 at daily rates of 200 MCF per day.
The operator has estimated that the gas reserves associated with this well are approximately 0.5 BCF. This initial well is the first of 20 wells that are planned to be drilled and completed on the leased acreage. Further details will be announced to stakeholders regarding the timing of the on-going development plan at the West Texas Project as information becomes available.
RENO, NV, Jun 09, 2009 (MARKETWIRE via COMTEX) -- Galloway Energy Inc. (PINKSHEETS: GWGI) ("Galloway" or the "Company") is pleased to advise that the West Texas Project gas well announced as part of the Company's acquisition program is a producing, commercially viable well.
I have nothing to Lie about. I have been calling this company for 31 days straight and must have sent them 50 emails from different email accounts trying to get some answers. Will be calling again today if there is no press..... This Shane Lowrey is either a genius and will do great things for galloway or a common criminal. If he is just lying to everyone then I will be one riding the SEC to prosecute him. Got to play this out. Hope that lowrey is not lying to me.
i'll give you the benefit of the doubt.cant figute out a reason why you would be lying.
Hey frankie.. I know what your response to this post will be so I might as well tell you to F yourself now.
I just got off the phone with Shane Lowery, no he did not call me I have them on speed dial and call all the time till someone finally answers... Asked then lots of questions about the well and about the company in general. According to him they just hired IR company and should have some press today and later this week. Press should include info on the well. I also told him that if he is bullshitting me I will be filing report with finra and sec. Lets see if there is press today or tomorrow. If not I will personally wage war against this company with the SEC.
See what happens when you use your energy in a positive way frankie
I do not have any info and I sold it out... shall I buy back? At least not now... I lost in the beginning and I got it back. I am waiting now.
yeah im really impressed buddy ,how many shares did you buy today and if not what are you waiting for.some kind of answer would be nice or are you going to tell me more useless information.cmon eom tell me dont hold back.
iwas on this stock for 5 years now... I lost wiht the RS but I got them back.. I bought after the RS. is time for dulution or RS? I don't think so. GLTA.
hey eom are you somehow trying to say that if this stock goes to .02 you will buy and wait that it goes to .50 cents. not going to happen feds are going to shut this thing down .
cmon eom tell us the truth,dont be embarrased,let it all out you sold at .50 bought back shares at .33 and bought more as the stock went down .when it reached .10 cents you probably bought more mortgaged the house sold all your furniture, robbed a bank, borrrowed from vinny and luigi with 40%interest, and now look at you down in the gutter with us looking for any kind of news hoping for a miracle.
Not all of us .. I bought at .02 sold at .50 :)
ll it looks like we all may just be f--ked. todays volume sofar had been the most in two weeks... Unfortunately all sales..Looks like the shorts are having a field day with gwgi. To bad for all of us investors (suckers) that have lost money in this piece of shit. Wonder if they will throw us a bone and decide to step out of hiding and defend the company. that is the crook Shane Lowrey I am talking about. Only time will tell
I spoke to someone handleing relations at Northern asked them about the relationshipe with them and Galloway, At forst tried to play like they had no idea and I then pushed them and told them thaty have identical pr's and mutual possible interest in Dominus.. Then he was like let me see if there is a connection. I think that someone is playing a big shell game here and if so then there will be hell to pay. Lots of Jail time coming for the three of these companies if it is a scam... Just trying to dig up more info.
thank you blind date!i never attacked anyone until a few people in here started to make false statements about being called fromgwgi and said pr was coming following day.not upset that they lied about phone call but cmon no person who works for any company is going to tell you pr is comin g.its against all rules and regulation.but if itis true well iguess it shows what a real looser of a stock we picked.still waiting to hear from sec.
I am sure Frankie got burned like all of us...and he is trying to add a little humor becuz he is pissed! I dont blame him and I dont think he is attacking anyone directly trying to have some fun....I am pissed I hopped in and got burned also!
Frankie thanks for the amusing post
You are such a d--K
I FINALLY GOT A CALL FROM GWGI A GENTLEMAN BY THE NAME OF MR.NED GISSEL.IWAS PLEASANTLY SURPRISED AND STARTED TO ASK A FEW QUESTIONS ,REAL QUESTIONS,HARDLINE QUESTIONS CIA-KGB INTERROGATION KIND OF QUESTIONS.I SAID LOOK HERE NED WHO THE FK IS DOMINUS AND WHAT THE FK HAPPENED TO THE PRESS RELEASES.CMON NED GIVE IT ME STAIGHT,I GOTTA LOT OF MONEY RIDING ON THIS AND SO DO MY PALS ON INVESTORHUB. WELL I GOT A RESPONSE FROM MR. NED ,AND HE TOLD ME WERE ALL GOING TO BE RICHHHHHHHHHHHHH!!!!!!!!!!THIS STOCK IS GOING TO BE BIGGER THAN GENERAL MOTORS.QUIT YOUR JOBS BOYS WERE MOVING ON UPPPP!!!PREDICTION GWGI-.00000000000000001 YEE HAA
riding high on the heb train approval coming soon 15000 shares blow me bought at 50 cents
Frankie
Take it from someone who has lost more money than you probably have. Enjoy it while you have it because when you loose it you will still be an asshole
i made my compaint already to the sec. your not going to solve anything .these guys know what there doing they are professional scammers.all we can do is sit and wait until the sec finishes their investigating, and we can get our money back with some kind of law suit.in the mean time i dont give a fk about this stock i hope it dies and stops trading.im not concerned about the people who are hanging on.if they cant see the red flags not my problem.tried to be serious on ths board until i heard the bullshit about gwgi making phone calls .thats when i lost all respect for this discussion board.got scammed once not going to scammed with bullshit information twice. until than im going to entaertain myself with more bullshit on this board
It's Sherlock Holmes & Dr. Watson, Frankie. Perhaps if you joined the investigation too it would be a better use of your free time...of which it appears you have plenty.
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Galloway Energy Inc. (GWGI)
Galloway Energy Inc, The Company is an exploration stage company engaged in the exploration of Oil and Gas.
Recent Price Last
0.105
Market Capitalization $5.5M
Est Float 5 M
Outstanding Shares 55M
Exchange OTC.PK
Galloway Energy, Inc.
50 W. Liberty St.
Suite 880
Reno, NV 89501
Phone: 301-933-5883
Fax:
http://www.gallowayenergyinc.com Company Highlights
Natural gas provides almost one-third of the California ’s total energy requirements and will continue to be a major fuel in California 's supply portfolio. California 's supplies of natural gas come from four areas: in-state production, Southwestern United States, Canada and the Rocky Mountain Region.
California spent nearly $19 billion on natural gas in 2006, with 42% for core customers (residential and commercial), 40% by non-core (industrial and electricity production), and 18 percent by non-utility (direct deliveries from interstate pipelines and California production). That's a near-tripling of the costs in ten years.
Similar Companies in Sector
· ConocoPhillips (ConocoPhillips) is an international, integrated energy company. The company’s business is organized into six segments. Exploration and Production (E&P) segment explores for, produces and markets crude oil, natural gas and natural gas liquids. NYSE:COP Recent Price $39 .
· Bonanza Oil and Gas, Inc. (Bonanza), formerly National Filing Agents, Inc., is an independent energy company engaged in the acquisition, development, production and the sale of crude oil, natural gas and natural gas liquids. Its production activities are located in the United States . OTCBB: BGOI MarketCap $2.89M
Current Projects
Galloway Energy Evaluates 2D and 3D Seismic for Target Identification
Galloway Energy Inc. has further evaluated the previously mentioned 2D and 3D seismic work in order to establish target objectives in relation to the Company's two natural gas exploration and development projects. The projects are situated in the Central Valley of California , in a currently prolific gas-producing location. Galloway has acquired a 10% working interest in the two gas plays from Swiss corporation Dominus Energy AG. The projects' potential meets Galloway 's corporate mandate of being high-value and reasonable risk that will, if commercially viable, enable Galloway to become a "near-term" producer with sustainable cash flow.
Galloway Energy Evaluates 2D and 3D Seismic for Target Identification
Galloway Energy Inc. has further evaluated the previously mentioned 2D and 3D seismic work in order to establish target objectives in relation to the Company's two natural gas exploration and development projects. The projects are situated in the Central Valley of California, in a currently prolific gas-producing location. Galloway has acquired a 10% working interest in the two gas plays from Swiss corporation Dominus Energy AG. The projects' potential meets Galloway's corporate mandate of being high-value and reasonable risk that will, if commercially viable, enable Galloway to become a "near-term" producer with sustainable cash flow.
Company Overview
Galloway Energy (OTC.PK: GWGI)
Galloway Energy Inc was founded in December, 2006. The company is duly incorporated in the State of Nevada.
The Company is an exploration stage company engaged in the acquisition, exploration and when justified, development, of natural gas projects. The Company is currently identifying potential target acquisitions and hopes to announce the commencement of negotiations with a vendor shortly.
The projects are situated in the Central Valley of California, in a currently prolific gas-producing location. Galloway has acquired a 10% working interest in the two gas plays from Swiss corporation Dominus Energy AG. The projects' potential meets Galloway's corporate mandate of being high-value and reasonable risk that will, if commercially viable, enable Galloway to become a "near-term" producer with sustainable cash flow. The Company has positioned itself through these acquisitions into becoming a producer of natural gas late in the 2009 calendar year.
The two projects have the combined potential to contain over 50 BCF gas and thus, Galloway's 10% working interest in the projects would net 5 BCF of gas to the Company. Galloway has executed an agreement to acquire these two projects by paying 10% of the acquisition and developme nt costs. The two plays have completed extensive engineering including 2D and 3D seismic across multiple target objectives including several rock formations showing as prospective for gas and which are undergoing final selection as well locations for a 2009 drilling program. The targeted locations are very close to existing production that has produced 100's of BCF gas and are also in close proximity to pipelines and other key infrastructure.
Across the Central Valley, local gas production accounts for only 15% of the State's requirements and gas consumption in the Sacramento area is primarily used in electricity generation. Galloway believes that this particular market will remain vibrant with strong gas pricing especially in light of the new Federal Administration's focus on "green-energy" solutions. Gas pricing in California remains some of the highest in the Country based on the state's insatiable regional demand for the commodity. California continues to offer a vast potential of unearthing additional discoveries including entirely new basins in this increasingly strategic aspect of the domestic energy market.
As previously announced, field activities are planned to begin shortly with preparations underway near Sacramento for a seismic shoot. Additionally, reprocessing of the existing seismic data will further define the closure of natural gas traps. Fully defining the gas trap closures is a prudent and expeditious means of heightening the overall probability of success and must be completed before drill site preparations are begun. Management expects to receive an A.F.E. (Authority for Expenditure) from the operator detailing going forward costs shortly.
Galloway believes there is a high probability of success for the completion of commercially viable gas wells on the target lands. Analog production from nearby wells in the area is currently in the 1,000 to 2,000 Mcf per day range and all preliminary indicators suggest that a similar outcome is a reasonable expectation at this time.
Why Natural Gas?
In 2006, U.S. natural gas consumption reached 21.6 trillion cubic feet (Tcf), down slightly from 2005. The historical peak in U.S. natural gas consumption occurred in 2000 when 23.3 Tcf were consumed.
§ The industrial sector consumed the greatest portion with 6.5 Tcf consumed in 2006.
§ The electric power sector used 6.2 Tcf in 2006.
In 2006 residential natural gas consumption was 4.4 Tcf.
2006 commercial sector natural gas consumption was 2.8 Tcf.
What is the world demand and outlook for natural gas?
In 2006, world natural gas consumption was 105.5 Tcf. Russia, which consumed 16.6 Tcf, and the United States, which consumed 21.6 Tcf, accounted for 36 percent of the total.
Worldwide consumption of natural gas is projected to increase by nearly 64 percent between 2004 and 2030. Among the end-use sectors, the industrial sector remains the largest consumer of natural gas worldwide, accounting for 42 percent of the total increase in demand for natural gas between 2004 and 2030. Natural gas also is expected to remain an important energy source in the electric power sector, particularly for new generating capacity. By the year 2030, total world consumption of natural gas is expected to be 163.2 Tcf.
RENO, NV -- 05/01/09 -- Galloway Energy Inc. (PINKSHEETS: GWGI) ("Galloway" or the "Company") today is pleased to announce that the "Adams Feed #1" well, which is the first of the previously announced multi-well development program, has commenced drilling at the West Texas project. The gas well is drilling ahead, and will reach the total depth within 4 days. The Company expects results on gas pay zone intervals and will have a very good idea as to the commercial viability of the well and productive gas flow rates shortly thereafter. Galloway will update results as soon as further news becomes available.
The "Adams Feed #1" well is located adjacent to the town of Ozona in Crockett County, Texas. As previously announced, Galloway has secured a first right of refusal to participate in the gas project located on 12,900 acres in the Barnett Shale area of West Texas. The area is a well documented and prolific region benefiting from the presence of established companies such as Chesapeake, Devon, EOG, XTO, and Quicksilver Exploration. The Barnett Shale is one of the largest sources of Natural Gas in the USA with proven reserves of 2.5 Trillion cubic feet (Tcf) which many companies believe is far short of a reserve potential that may prove to be significantly closer to 30Tcf or more. The property in question has over 115 working wells currently in production, as a result of which Galloway's participation will result in immediate cash flow for the Company.
Company President and CEO Shane Lowry comments, "The news from West Texas is very promising and we look forward to announcing what we believe will be positive results in short order. Galloway is entering a growth phase and we look forward to turning our strategic aims into practical reality as quickly as possible."
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