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GLC Gallic Energy Ltd.

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Share Name Share Symbol Market Type
Gallic Energy Ltd. TSXV:GLC TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Gallic Energy Ltd. Announces Two New Well Permits, Operational Update, and Management Addition

12/10/2011 12:00pm

Marketwired Canada


Gallic Energy Ltd. ("Gallic" or "Company") (TSX VENTURE:GLC) is pleased to
announce the Company received approval on October 7, 2011 for its second and
third permits or DOTs to re-enter wells on the Ger Permit, France from local and
regional authorities. The first permit had been approved on August 31, 2011. 


Mr. William H. Smith, President and CEO of Gallic, said "We are pleased that our
operations team in Calgary and Pau, France has performed so professionally to
promptly receive these approvals. Receipt of these approvals is confirmation
that Gallic's targets are conventional reservoirs, naturally fractured
carbonates and porous and permeable sandstones, that can be completed without
the need for hydraulic fracture stimulation. Surface construction on the first
well to be re-entered will commence shortly. Gallic anticipates that rig
operations to re-enter two wells on the permit will commence in late Q4 2011 or
early Q1 2012. Re-entry of the 2 wells will be done sequentially with one rig."


Gallic is well financed with $21 million cash on hand to meet its planned
activities and to cover working capital.


GLJ Petroleum Consultants is expected to provide a third party audit of the
resource potential on the Ger Permit in the next two weeks.


Interpretation of seismic and well data on the Ledeuix Permit in France is
progressing, allowing Gallic's professional team to identify a well location on
a structure identified on 3D seismic. Permitting for this well to be drilled in
the first half of 2012 has started. 


Gallic has submitted applications for exploration permits of open lands in two
countries, and an application in a third country is expected to be filed within
the next month.


Gallic is pleased to announce that Oleh Stupnyckyj, formerly Manager,
Geosciences, has been named Vice-President, Geosciences. This promotion
recognizes Oleh's superb contributions to Gallic's ongoing exploration program.


The Corporation has also granted 1,670,000 additional stock options to eligible
participants effective October 7, 2011. Of this amount 560,000 stock options
were granted to officers of the Corporation. The stock options were granted with
an exercise price of $0.17 per Common Share and will expire five years from the
date of grant. The Corporation has determined that exemptions from the various
requirements of TSX Venture Exchange Policy 5.9 are available for the granting
of the options.


Mr. William H. Smith, President and CEO of Gallic, will be presenting at 1:20 -
1:40 pm, Wednesday, October 12, 2011 at the 5(th) Annual Canaccord Genuity
Global Energy Conference in Miami, Florida.


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