Galaxy Energy Corporation is an oil and gas exploration and production company focusing on acquiring and developing coalbed methane and other unconventional natural gas properties in North America, Europe and other areas that are prospective for natural gas.

Powder River Basin – Wyoming & Montana
In 2004, Galaxy launched an aggressive development program to drill wells in the coal beds of the Powder River Basin, with the goal of producing and selling coalbed methane. Through 2005 Galaxy has drilled or purchased a total of 233 wells in the Powder River Basin. Our Wyoming and Montana properties in the Powder River Basin consist of approximately 85,000 net acres in several project areas.

Piceance Basin – Colorado
We entered the Piceance Basin in March 2005. As of March 15, 2006 we control, with our partner, Exxel Energy Corp., approximately 5,900 undeveloped acres (1,475 net to Galaxy) in the Piceance Basin. We believe there are more than 250 potential drilling locations on our acreage.

Jiu Valley – Romania
Galaxy’s wholly owned subsidiary, Pannonian International, Ltd., holds a 25% interest in a concession in the Jiu Valley Basin of Romania in the heart of Romania’s historic coal mining district. Approximately 13,000 acres are considered to be prospective for coalbed methane production.

Neues Bergland – Germany
Through our wholly owned subsidiary, Pannonian International, we have a 30% working interest in the 149,000-acre Neues Bergland Exploration Permit near Kusel, Germany, approximately 75km east of Luxembourg and west/south west of Frankfurt. The area is located within the Saar-Lorraine Basin, in the state of Rheinland Pfalz, a coal rich region of Germany.