Galloway Energy Inc. (fka GWGI)

[Standoutstocks]

Galloway Energy Inc. (GWGI) Acquires Majority Interest in Third Gold Exploration Property

VANCOUVER, BRITISH COLUMBIA, Jun 02, 2008 (MARKET WIRE via COMTEX) -- Galloway Energy Inc. (PINK SHEETS: GWGI), "The Company", is pleased to announce that it has entered into a formal Letter of Intent (LOI) to acquire a majority working interest in a third gold and silver exploration property.
The property is strategically located adjacent to the company's previously announced claims. The acquisition of the properties to date has been based on the encouraging review of historical data and government reports as well as current activity in the direct area and in the Cariboo mining region in general. The Cariboo gold belt in BC has been a prolific producer of gold and Galloway's properties are in proximity to multiple operating mines and many projects that are in advanced stages.

The property is defined as the Fraser Claim #550724 and is situated in the Caribou Mining Division in the province of British Columbia.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.