EXHIBIT 99.2
PRESS RELEASE
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Galaxy Energy Corporation
1331 17th Street. Denver, CO 80202 NEWS
RELEASE
FOR IMMEDIATE RELEASE
GALAXY ENERGY REPORTS RECEIVING AN AMEX NOTICE INDICATING THAT THE
COMPANY DOES NOT MEET ONE OF THE EXCHANGE'S CONTINUED LISTING STANDARDS
DENVER, CO. APRIL 26, 2006. On April 25, 2006, Galaxy Energy Corporation (Amex:
GAX) received a notice of failure to satisfy Section 1003(a)(iv) of the American
Stock Exchange ("AMEX") Company Guide for continued listing on AMEX. Such notice
is a result of the recent losses that Galaxy has sustained, as well as its
significant working capital deficiency as reported in its quarterly report on
Form 10-Q for the quarter ended February 28, 2006. Galaxy expects to submit a
plan to AMEX by May 10, 2006, in which it will advise AMEX of action it has
taken, or will take, that would bring it into compliance with Section
1003(a)(iv) of the Company Guide by July 24, 2006. The actions taken, or to be
taken, by Galaxy which will be reported to AMEX include the raising of $4.5
million in Subordinated Convertible Debenture financing that the Company
announced this morning. The AMEX was unaware of the completion of that financing
at the time it sent its notice to the Company indicating that the Company does
not meet one of the AMEX's continued listing standards.
ABOUT GALAXY ENERGY
Galaxy Energy Corporation, a development stage oil and gas exploration and
production company, is focusing on acquiring and developing coalbed methane in
the Powder River Basin of Wyoming and Montana and other unconventional natural
gas properties in the Piceance Basin of Colorado, in addition to exploration
activities in Germany, Romania and Texas. The company 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 the Company 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. The Company 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 the Company'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, Bevo Beaven or Bill Conboy at CTA Public Relations at
(303) 665-4200, or Tina Cameron, Renmark Financial Communications at (514)
939-3989.