FYI Galena Capital Corp

Galena Capital Corp. (TSX VENTURE: FYI) (the "Company" or "Galena"), a Vancouver based company listed on the TSX Venture Exchange, is pleased to announce it has entered into a non-binding Letter of Intent with Imperial Petroleum, Inc. ("Imperial"), a U.S. based company (www.ImperialPetroleumInc.com).

A wholly owned subsidiary of Imperial holds a process technology license (the "License") respecting a patented and proprietary process that allows for the recovery of bitumen from oil sands (tar sands). The technology utilizes a non-thermal, mechanical and chemical process in a closed-loop system to recover bitumen from oil sands. The closed-loop process results in zero discharge, except for clean sand and the separated bitumen product.

The Letter of Intent contemplates:

--  The formation of a new entity to be named "Arena Energy, LLC" ("Arena"),
    which is expected to be a Nevada LLC whose capital stock will be owned,
    directly or indirectly, by Galena and Imperial on a 50/50 basis.

--  Arena and Imperial will sign a sub-license agreement under which Arena
    will have a non-exclusive sub-license to use the oil sands recovery
    technology for development of a specific project in the United States.

--  Galena will invest US$850,000 in Arena which will be used to fund: (i)
    the purchase of the sub-license of the oil sands recovery technology;
    (ii) acquisition of a production unit capable of processing up to 2,500
    tons of oil sands per 24 hour period; (iii) lease and equipment
    acquisition and general start up expenses.

--  Galena will be entitled to recover its invested capital out of 80% of
    the net cash flow of Arena after which the 50/50 profit sharing will
    come into effect.

--  The parties' obligations are subject to completion of due diligence, the
    execution of a definitive agreement between Galena and Imperial, and
    receipt of all required regulatory approvals.

Galena and Imperial intend that Arena will install its initial operation at one of several potential sites in the U.S. that will provide sufficient minable oil sands capable of sustaining operations for several years. Based on proof of concept production runs by Imperial, the production unit to be acquired by Arena is estimated to commence operations at 300 tons per day with a goal of expanding to 2,400 tons per day based on Imperial's estimate of the production unit's maximum capacity.

"Management of Galena looks forward to the satisfactory completion of the due diligence and finalization of a definitive agreement between Galena and Imperial. This proprietary technology and process could position Galena at the forefront of new oil recovery technologies and will provide a highly scalable business model," states CEO John Seaman.

ON BEHALF OF THE BOARD OF DIRECTORS

GALENA CAPITAL CORP.

FORWARD-LOOKING STATEMENTS

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation). Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to, the successful completion of negotiations respecting the sub-licensing of the patented technology, future production levels, future capital expenditures and their allocation to exploration and development activities, and expected operating capacity, that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Galena Capital Corp. Michael Leahy (604) 683-7588 (604) 683-7589 (FAX)