Empyrean Energy

Web site : http://www.empyreanenergy.com

This is taken from www.galaxyenergy.com - looks like testing at Glantal is coming up soon (see below)


June, 27, 2006
Galaxy Energy Provides Financing and Operational Update

Denver, Colo. June 27, 2006 - Galaxy Energy Corporation (Amex: GAX) announced today that, pursuant to its business plan as submitted to the American Stock Exchange, it has closed a $2.5 million financing. The Company also provided an update on its activities in both the Piceance Basin in Colorado and the Glantal Project in Germany.

Completion of $2.5 million financing

The Company has closed a $2.5 million financing with institutional and other accredited investors for the private placement of Subordinated Convertible Debentures.

The Debentures are subordinated to the Companys previous senior financings, have a 30-month maturity, which will extend under the terms of the financing until all of the Companys senior debt has been retired, accrue interest at 15% per annum and are payable at maturity. In the event the Debentures are retired at maturity, the holders are entitled to an additional payment equal to the sum of 25% plus .75% for each month (or part thereof) in excess of 30 months that the Debentures have remained outstanding. The Debentures are convertible into 1,602,564 shares of common stock based on a conversion price of $1.56 per share. In addition purchasers of the Debentures received five-year warrants which allow the holders to purchase 480,769 shares of common stock at $1.60 per share.

The proceeds from the financing will be used to reduce debt as well as for other corporate purposes.

The Piceance Basin

The Company controls approximately 6,000 (1,500 net) undeveloped acres in the Piceance Basin through its wholly owned subsidiary, Dolphin Energy Corporation and in partnership with Exxel Energy Corp.

The Company currently has drilling or completion operations underway on four of its wells in the basin.

In the Biscuit Ranch 10-31D well, all completed zones within the overall interval from 7294 to 8462 have now been commingled, 2 3/8 production tubing has been installed, and fracture treatment fluids have been partially recovered while flaring gas coming from the well. Flow periods during the next two to three weeks will force the remaining treatment fluids from the completed zones and the measurement and announcement of producing gas rates from the well will be made after this occurs. The Company has a 25% working interest in this well.

Completion activities are underway in the Mulvihill 15-32D well, with the first interval having been perforated. The fracture treatment for this interval is being designed based on initial pump-in tests. The Company will have an 18.75 to 25% working interest in this well, depending upon a participation election by an unrelated working interest owner.

The Purkey Ranch 13-31B well is currently drilling near total depth after experiencing some rig mechanical problems for a few days last week. Finalization of the drilling, completion of open hole logs and the installation of production casing is expected this week. The Company has a 25% working interest in this well

The Company is currently rigging up a drilling rig at the site of the BR 03-03B Biscuit Ranch well. Drilling of this well will commence as soon as rigging up is complete. The Company has a 25% working interest in this well.

In addition to the interests owned in these four operated wells, the Company through Dolphin has varying working interests in additional non-operated wells. These non-operated wells include one producing well operated by Williams Production RMT Company, two wells operated by Bill Barrett Corporation which are in the completion phase, as well as one well in the completion and evaluation phase, which is operated by Antero Resources Company.

Germany

Koller Workover and Drilling GmbHs completion rig is expected to arrive at the Glantal-1 well site today if no delays are experienced. This rig will be used to test for the presence of gas in four initial zones of the well, which is the first well drilled by Pannonian International Ltd, a wholly owned subsidiary of the Company and its partners in the Glantal Gas Project.

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 and Romania. 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 Warren Laird of CTA Public Relations at (303) 665-4200, Tina Cameron, Renmark Financial Communications at (514) 939-3989 or Kathleen Heaney (203) 803-3585 of Integrated Corporate Relations.

SP misbehaving quite badly on no apparent news ...... suspect market knows more than us, so take cover

except now, after touching about 79 mid, sp has recovered to 87 mid .... so what do I know? ...... About as much as the England football or cricket teams!

Maybe testing is imminent now.

the share itself is downright testing in its own right!

Good to see it ends on a day's high...looks like good news is pending soon.

Empyrean Energy PLC
('Empyrean' or the 'Company'; Ticker: (EME))

Notice of Annual General Meeting

The Company announces that an Annual General Meeting (AGM) will be held at the
Tate Britain Room, Hesperia Hotel, 2 Bridge Place, London SW1V 1QA on 7 July
2006 at 8:30am.


Anyone going???

Wonder if we will get any news prior?

Regards

I would say snowball's chance of news beforehand ....... Wish I could convince myself that news was going to be good anyway though sp seems to beholding quite firmly, albeit that the level is pretty depressed (and depressing) anyway.

young Mr Cynic
are you a holder?
are you attending the fun event on Friday?

no i am no longer young, yes i am a holder and no i shall not be at the agm ...... and i hope it is fun, though i have some doubt .... i fear a parson's egg at best

Cynic

I think the curate has the egg and the parson has the nose.

We seem to be running the same portfolio, thanks for your comments.

Predateur

Empyrean Energy PLC
05 July 2006


Glantal Gas Project, Germany

Completion rig arrived on site and 'rigged up'.
Operations at Glantal-1 have commenced.
The first of four zones being tested will be perforated following wellbore conditioning operations.


AIM quoted Empyrean Energy PLC today announces that operations have commenced in preparation to test four initial zones for the presence of gas at the
Glantal-1 well, the first well drilled by Empyrean and its partners in the Glantal Gas Project. The operator of the Glantal Gas Project, Pannonian International Ltd ('Pannonian'), a wholly owned subsidiary of U.S.-based Galaxy Energy Corporation (Amex: GAX) has advised that following the arrival and rigging up operations of the Koller workover rig, operations are currently running in hole in preparation to condition the wellbore for testing.

The first of four initial zones chosen for testing will be perforated as soon as current operations to condition the wellbore in preparation for testing are complete.

We will make a further announcement as operations progress.

Executive Director Tom Kelly commented 'We are pleased that operations to test the first well drilled by Empyrean and its partners on the massive Pfalzer Anticline are now underway. This marks an important milestone for Empyrean in what has been a busy year.

so in anticipation of a result, albeit that EME have already said that they need little gas for it to prove commercial due to proximity of processing plant etc, shares zip up 10p ...... something of a strange world

clearly AGM was one big yawn

No cynic, reading reports from those who attended, they were all impressed.

Glantal due to start Monday with 1st results possibly Wednesday starting
with the lowest,taking atotal of 30days to complete.

Eagle testing in 3 weeks with Tremendous floresence shows under UV light.

Sugarloaf could produce up 2tcf with 6% attribital to EME.

So the next 2 months are going to very exciting?
cyril

cynic,
I was impressed. lots of info we already knew, but better knowledge where we are and glantal dates / timescales (sure we had them before!!!)
But I was happy with the Brophy performance, and that is what I wanted to see.

would be happier still if the market was impressed, though in truth better if it reacts to results than anticipation as so often happens

cyril - I've seen fabulous fluorescence under UV light on many occasions and then it wasn't viable. I'm afraid it means little unfortunately.

Big Al- While accepting its not a certainty, the fact they have UV is a positive.Couple this with the Well has produced over 200bopd (at the time was considered to be uneconomic)gives rise to optimism, which is why they are continuing with testing. So we know we have oil, (at the start it was stated as just an engineering exercise) again its not a foregone conclusion and as the saying goes "the proof's in the pudding" imho i believe that we will get oil flows, its a matter of in what quantities.They also said they may drill up to 7 Wells in Eagle.
But in the short term Glantal (which hopefully is the jewel in the crown) is
most likely to produce news? Any sort of commercial find will see this companies
value "rocket",i believe they quoted 50mcf as economic against a possible
6.2 tcf for one area of the acquistion.
One other piece of news from the AGM, 2 other CBM projects have been brought to their attention, but they are understandably tight lipped at this moment concerning them.
cyril

Cyril - positive, yes, but far from the golden goose on more occasions than not. I'm about to celebrate my 25th year in the oil & gas business and what often gets me about these news releases with these companies, particularly the small ones, is what they don't say. To my mind, I wonder why they would feel the need to mention fluorescence at all apart from keeping the tone positive when in reality there are a myriad of other more compelling things that should be noted.

Unfortunately, I've seen this above tendency frequently since oil became a big thing this past couple of years. If it helps the price, then ride it, but be prepared to cut and run pronto. A lot of these outfits are run by cowboys lining their own pockets at the expense of punters like ourselves - not saying EME is BTW, the a comment like that makes you wonder sometimes.

Best of luck anyway, folks.