VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2011) - Galena Capital Corp. (News - Market indicators) (the "Company" or "Galena"), a TSX Venture Exchange listed company, has received the initial independent report on the previously announced (May 30, 2011 News Release) Imperial Petroleum Inc. (Imperial) Oil Sands Recovery Demonstration.
The report included a comprehensive engineering examination, and lab analysis of the end products, which produced materials and results that were not in line with set expectations. Resulting from this are a series of questions and clarifications which Galena has requested from Imperial and which management expects responses to in short order, which will provide Galena with the information necessary to conclude this key component of it's due diligence.
Imperial's management has advised that the inconsistencies that occurred during testing were a result of variables in sand size and adherents, which they do not believe will occur in a production unit, where the feedstock sand will be uniform in nature and the production unit tuned to the correct specifications.
At this time, Galena has not ruled out proceeding with the announced joint venture but will monitor and update the market on the progress and development.
On Behalf of the Board of Directors of Galena Capital Corp.
Michael Leahy, VP of Communications
Certain of the statements made in this news release may contain forward-looking statements within the meaning of applicable Securities law. We have made numerous assumptions about the material forward-looking statements and information contained herein, including among other things, the assumptions about the price of oil and gas, anticipated costs and expenditures and our ability to achieve our goals. Even though our management believes that the assumptions made and the expectations represented by such statements or information is reasonable, there can be no assurance that the forward-looking statements or information will prove to be accurate. Forward-looking statements and information include, but are not limited to statements or information with respect to known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and information. Such risks, uncertainties and other factors include, among others, the failure to obtain necessary regulatory approvals, 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), and commodity price, interest rate and exchange rate fluctuations. Should one or more of these risks, uncertainties or other factors.
Neither the 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.