Galleon Energy Inc. determines the conversion ratio for the conversion of the Class B shares to Class A shares and announces new trading symbol for the Class A shares

Wed. November 26, 2008; Posted: 08:13 PM

CALGARY, Nov. 26, 2008 (Canada NewsWire via COMTEX) -- GLNYF | Quote | Chart | News | PowerRating -- Galleon Energy Inc. ("Galleon" or the "Corporation") announces that it has determined the conversion ratio for the conversion of its outstanding Class B shares into Class A shares which will be effective December 15, 2008. Each Class B share will be converted into 1.86475 Class A shares. The conversion ratio was arrived at in accordance with the provisions attaching to the Class B shares by dividing $10.00 by $5.36264, being the weighted average trading price for the Class A shares on the Toronto Stock Exchange (the "TSX") for the 30 consecutive trading days commencing on October 15, 2008.

Registered holders of Class B shares will be mailed certificates for Class A shares following the conversion date and do not need to submit their certificates for Class B shares to Galleon. Upon mailing of the certificates for Class A shares issued on conversion of Class B shares, the holders of the Class B shares shall have no further rights in respect thereof.

The conversion of Class B shares will result in the issuance of approximately 1,720,232 Class A shares (subject to rounding for fractional shares).

The TSX has advised that trading in the Class B shares will be halted at the close of trading on December 10, 2008 and that the Class B shares will be delisted on the close of trading on December 15, 2008.

As a result of the delisting of the Class B shares, the Class A shares will, effective December 16, 2008, trade on the TSX under the symbol "GO".

SOURCE: Galleon Energy Inc.

www.galleonenergy.com or contact: Steve Sugianto, President and Chief Executive Officer, (403) 261-9287, steves@galleonenergy.com; Glenn R. Carley, Executive Chairman, (403) 261-9277, glennc@galleonenergy.com; Shivon Crabtree, Vice President and Chief Financial Officer, (403) 261-9276

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