Gallic Energy Ltd. Announces Spud of Ossun-2 Well in France

Gallic Energy Ltd. ("Gallic" or "Company") (TSX VENTURE:GLC) is pleased to
announce that it has spudded the Ossun-2 well located in the Aquitaine Basin in
Southern France. The Ossun-2 well is a re-entry of a Societe Nationale des
Petroles d'Aquitaine ("SNPA" a Total SA legacy company) wellbore previously
drilled in the late 1960's. The well will be re-entered to a total measured
depth of approximately 3,000 m and will target three key formations including
the 200 m thick Cretaceous Flysch Carbonate where SNPA had previously
encountered natural gas shows that were never tested or produced. Well results
are expected within 20-60 days dependent upon re-entry conditions and progress.


Gallic's second drill site, Azereix-1 is also being prepared for re-entry. The
wellsite construction is nearly completed and the new wellhead is presently
being installed on the existing surface casing. The current plan is to re-enter
the Azereix-1 well immediately after the Ossun-2 well.


On November 2, 2011, the Company announced results from independent reserve
consultants GLJ Petroleum Consultants Ltd. ("GLJ") on the undiscovered petroleum
initially-in-place ("UPIIP") (effective September 30, 2011) resource potential
for the geologic plays to be tested by the Ossun-2 and Azereix-1 wells. The
report indicates the Mean estimate of the distribution of UPIIP for the Ossun-2
play at an unrisked 248 BCF, and unrisked 457 BCF for the Azereix-1 play plus
2.2 million barrels of liquids. 


Mr. William H. Smith, President and CEO of Gallic, said "We are excited to
commence the Ossun-2 well in France and are hopeful that we can add significant
gas reserves to France's domestic natural gas production. Our proposed two well
re-entry program in the Aquitaine Basin in France in the first quarter of 2012
is a significant step for the Gallic organization towards development of our
France and European growth strategies."


Gallic is the 100% Owner and Operator of both the Ossun-2 and Azereix-1 wells. 

IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this news release constitute forward-looking information.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "intend", "could", "might", "should", "believe", "schedule" and
similar expressions. Forward-looking statements are based upon the opinions and
expectations of Gallic as at the effective date of such statements and, in
certain cases, information received from or disseminated by third parties.
Although the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions and that
information received from or disseminated by third parties is reliable, it can
give no assurance that those expectations will prove to have been correct.
Forward-looking statements are subject to certain risks and uncertainties (known
and unknown) that could cause actual outcomes to differ materially from those
anticipated or implied. These factors include, but are not limited to, such
things as general economic conditions in Canada, France and elsewhere;
volatility of prices for oil and gas; commodity supply and demand; fluctuations
in currency and interest rates; inherent risks associated with the exploration
and development of oil and gas properties; ultimate recoverability of reserves;
production, timing, results and costs of exploration and development activities;
political or civil unrest; availability of financial resources or third-party
financing; new laws (domestic or foreign); changes in administrative practices;
changes in exploration plans or budgets; and availability of personnel and
equipment. Accordingly, readers should not place undue reliance upon the
forward-looking statements contained in this news release and such
forward-looking statements should not be interpreted or regarded as guarantees
of future outcomes.


The forward-looking statements of the Company contained in this news release are
expressly qualified, in their entirety, by this cautionary statement. Various
risks to which Gallic and its affiliates are exposed in the conduct of their
business are described in detail in the Company's Management Discussion and
Analysis for the quarter ended September 30, 2011, which has been filed on SEDAR
www.SEDAR.com. Subject to applicable securities laws, the Company does not
undertake any obligation to publicly revise the forward-looking statements
included in this news release to reflect subsequent events or circumstances,
except as required by law.


IMPORTANT INFORMATION REGARDING UPIIP AND RESOURCES

Estimates of UPIIP were generally prepared using land and technical information
including well information, engineering, geological and geophysical data
available from Gallic up to September 30, 2011. There is no certainty that any
portion of the resources will be discovered. A recovery project cannot be
defined for this volume of undiscovered petroleum initially-in-place at this
time. There is no certainty that it will be commercially viable to produce any
portion of the resources.

 
The GLJ resource evaluation was prepared in accordance with the procedures and
standards contained in the Canadian Oil and Gas Evaluation Handbook. The UPIIP
definitions used in preparing this Report are those contained the COGE Handbook
and the Canadian Securities Administrators National Instrument 51-101 (NI
51-101). The summary of the disclosure relating to the Ossun - 2 and Azereix-1
wells are as follows:




----------------------------------------------------------------------------
                                         Low(i)   Best(i)            High(i)
                                      Estimate  Estimate    Mean(i) Estimate
Play             Well      Formation      (P90)     (P50) Estimate     (P10)
----------------------------------------------------------------------------
Mountain                                                                    
Front Fault                                                                 
Trap          Ossun 2         Eocene          6        15       22        44
                     -------------------------------------------------------
                       DanoPaleocene          1         3        4         8
                     -------------------------------------------------------
                       Up CretFlysch         62       158      222       453
----------------------------------------------------------------------------
                                                                            
            Azereix 1                                                       
------------         -------------------------------------------------------
Unconformity                                                                
Trap                          Aptian         56       162      270       598
                     -------------------------------------------------------
                           Barremian         31       128      187       419
----------------------------------------------------------------------------



In addition GLJ has estimated the Unrisked UPIIP of condensate and oil in the
Aptian Formation for the Unconformity Trap in Thousands of Barrels:




----------------------------------------------------------------------------
                                     Low(i)     Best(i)              High(i)
                                   Estimate    Estimate  Mean(i)    Estimate
Play              Well Formation      (P90)       (P50) Estimate       (P10)
----------------------------------------------------------------------------
Unconformity                                                                
Trap         Azereix 1    Aptian        650       1,608    2,207       4,430
----------------------------------------------------------------------------



All figures are given in BCF.

(i)Low Estimate is considered to be a conservative estimate of the quantity that
will actually be recovered. It is likely that the actual remaining quantities
recovered will exceed the low estimate. If probabilistic methods are used, there
should be at least a 90 percent probability (P90) that the quantities actually
recovered will equal or exceed the low estimate.


(i)Best Estimate is considered to be the best estimate of the quantity that will
actually be recovered. It is equally likely that the actual remaining quantities
recovered will be greater or less than the best estimate. If probabilistic
methods are used, there should be at least a 50 percent probability (P50) that
the quantities actually recovered will equal or exceed the best estimate.


(i)High Estimate is considered to be an optimistic estimate of the quantity that
will actually be recovered. It is unlikely that the actual remaining quantities
recovered will exceed the high estimate. If probabilistic methods are used,
there should be at least a 10 percent probability (P10) that the quantities
actually recovered will equal or exceed the high estimate.


(i)Mean Estimate is the arithmetic average from the probabilistic assessment.