Galaxy Energy Corporation Files for Bankruptcy Court Protection
March 17 2008 - 9:59AM
PR Newswire (US)
DENVER, March 17 /PRNewswire-FirstCall/ -- Galaxy Energy
Corporation (AMEX:GAX) and its wholly-owned subsidiary Dolphin
Energy Corporation announced today that it has filed voluntary
petitions for relief under Chapter 11 of Title 11 of the United
States Code in the United States Bankruptcy Court for the District
of Colorado. The Company will remain in control of its assets and
intends to continue to conduct business as usual while it devotes
renewed efforts to resolve its liquidity problems and develops a
reorganization plan. About Galaxy Energy Galaxy Energy Corporation,
a development stage oil and gas exploration and production company,
focuses its operations in the Powder River Basin of Wyoming and the
Piceance Basin of Colorado, in addition to exploration activities
in Germany and Romania. Galaxy conducts its exploration activities
through two wholly owned subsidiaries, Dolphin Energy Corporation
and Pannonian International, Ltd. Forward Looking Statement This
press release consists of forward looking statements regarding the
intent, belief or current expectations of Galaxy and its
management. Prospective investors are cautioned that any such
forward looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, and actual results
could differ materially from those indicated by such forward
looking statements. Galaxy assumes no obligation to update the
information contained in this press release, whether as a result of
new information, future events or otherwise. Please refer to
Galaxy's filings with the United States Securities and Exchange
Commission for discussions of risks and uncertainties found in
Forms 10-K (annual report), 10-Q (quarterly report) and other
filings. Additional information may be found at the Galaxy Energy
Corporation Web site, http://www.galaxyenergy.com/ or by calling
Brad Long, Investor Relations/Galaxy Energy at (800) 574-4294 or
Bevo Beaven or Warren Laird of CTA Integrated Communications at
(303) 665-4200. CONTACT: Bevo Beaven, Warren Laird CTA Integrated
Communications (303) 665-4200 DATASOURCE: Galaxy Energy Corporation
CONTACT: Bevo Beaven, or Warren Laird, both of CTA Integrated
Communications, +1-303-665-4200, for Galaxy Energy Corporation Web
site: http://www.galaxyenergy.com/
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