FYI Galena Capital Corp

Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena"), a TSX
Venture Exchange listed company, has received the initial independent report on
the previously announced (May 30, 2011 News Release) Imperial Petroleum Inc.
(Imperial) Oil Sands Recovery Demonstration.


The report included a comprehensive engineering examination, and lab analysis of
the end products, which produced materials and results that were not in line
with set expectations. Resulting from this are a series of questions and
clarifications which Galena has requested from Imperial and which management
expects responses to in short order, which will provide Galena with the
information necessary to conclude this key component of it's due diligence.


Imperial's management has advised that the inconsistencies that occurred during
testing were a result of variables in sand size and adherents, which they do not
believe will occur in a production unit, where the feedstock sand will be
uniform in nature and the production unit tuned to the correct specifications.


At this time, Galena has not ruled out proceeding with the announced joint
venture but will monitor and update the market on the progress and development.


On Behalf of the Board of Directors of Galena Capital Corp.

Michael Leahy, VP of Communications

Certain of the statements made in this news release may contain forward-looking
statements within the meaning of applicable Securities law. We have made
numerous assumptions about the material forward-looking statements and
information contained herein, including among other things, the assumptions
about the price of oil and gas, anticipated costs and expenditures and our
ability to achieve our goals. Even though our management believes that the
assumptions made and the expectations represented by such statements or
information is reasonable, there can be no assurance that the forward-looking
statements or information will prove to be accurate. Forward-looking statements
and information include, but are not limited to statements or information with
respect to known and unknown risks, uncertainties and other factors which may
cause the Company's actual results, performance or achievements, or industry
results, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements and
information. Such risks, uncertainties and other factors include, among others,
the failure to obtain necessary regulatory approvals, risks associated with the
oil and gas industry in general (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), and
commodity price, interest rate and exchange rate fluctuations. Should one or
more of these risks, uncertainties or other factors.

Galena Capital Corp (TSXV:FYI)
Historical Stock Chart
From Apr 2024 to May 2024

Galena Capital Corp (TSXV:FYI)
Historical Stock Chart
From May 2023 to May 2024