Gallic Energy Ltd. announces termination of letter of intent for Oklahoma oil
properties

CALGARY, April 1 /CNW/ - Gallic Energy Ltd. (TSXV: GLC) ("Gallic" or "Company") announced today that following due diligence, it has terminated its previously announced letter of intent for the acquisition of interests in oil properties in Creek County, Oklahoma.

Gallic is continuing to investigate acquisition and growth opportunities, in keeping with its strategy to acquire and consolidate low risk oil and gas properties to bring immediate production, cashflow and reserves to the Company.

Gallic Energy Ltd. has 38,939,154 class A shares outstanding, and trades on the TSX Venture Exchange under the symbol GLC.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Any statements that are contained in this press release that are not statements of historical fact may be considered forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to potential future acquisition opportunities.

The forward-looking statements contained in this document are based on certain expectations and assumptions made by Gallic, including, with respect to the anticipated potential future acquisition opportunities, expectations and assumptions concerning the availability of such opportunities on terms which are acceptable to Gallic.

Although Gallic believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Gallic can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These risks include, but are not limited to: 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), acquisitions, commodity price and exchange rate fluctuations and uncertainties resulting from competition from other producers and ability to access sufficient capital from internal and external sources. There is also risk that potential future acquisition opportunities may not be available on terms acceptable to Gallic. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Gallic's operations and/or financial results are included in Gallic's reports on file with Canadian securities regulatory authorities.

The forward-looking statements contained in this press release are made as of the date hereof and Gallic undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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.

For further information: Mark Woods, P.Eng. President and Chief Operating Officer, Gallic Energy Ltd., Tel: [phone], Fax: [phone], [email protected]