Gallic Announces Adjournment of Meeting and Change of Directors

CALGARY, ALBERTA -- (Marketwire - Nov. 29, 2012) - Gallic Energy Ltd. ("Gallic") (TSX VENTURE:GLC) - Gallic today convened an annual and special securityholders' meeting of Gallic (the "Meeting") for the purposes of, among other matters, considering a proposed plan of arrangement involving Gallic, Petromanas Acquisition Ltd. and Petromanas Energy Inc. (the "Arrangement") as previously announced on October 2, 2012. Gallic has adjourned the business of the Meeting until 9:00 a.m. (Calgary time) on Thursday, December 13, 2012 in the Hamilton Room at Bow Valley Square at 205 - 5th Avenue S.W., Calgary, Alberta for the purpose of attempting to obtain additional shareholder and warrantholder approval of the Arrangement.

The board of directors of Gallic continues to recommend that the Gallic shareholders and Gallic warrantholders vote in favour of the resolution approving the Arrangement. It is a condition to the completion of the Arrangement that the resolution approving the Arrangement be approved at the Meeting by 66 2/3% of the votes of shareholders and warrantholders present in person or represented by proxy, voting together as a single class, at the Meeting.

The deadline for the deposit of proxies for the Meeting, as adjourned, with Gallic's transfer agent, Valiant Trust Company, Stock Transfer Department, 310, 606 - 4th Street S.W., Calgary, Alberta T2P 1R1, has been extended to 9:00 a.m. (Calgary time) on Tuesday, December 11, 2012.

A registered securityholder who has lost their proxy may contact Valiant at the address above, at 1-866- 313-1872 (toll-free) or (403) 233-2801 or by email at inquiries@valianttrust.com.

A non-registered securityholder should receive a proxy through their broker or through another intermediary and should return the form of proxy provided by their broker or other intermediary in accordance with the instructions provided therein. Non-registered securityholders who would like to vote but have not received a proxy or would like a new proxy can contact their broker.

A Gallic securityholder who has previously submitted a proxy may revoke it by instrument in writing executed by the Gallic securityholder or his attorney authorized in writing, or, if the Gallic securityholder is a corporation, under its corporate seal and executed by a director, officer or attorney thereof duly authorized, and deposited either at the office of Valiant Trust Company, on or before the last business day preceding the day of the Meeting on December 13, or with the chairman of the Meeting prior to the commencement of the Meeting on December 13, and upon such deposit the previous proxy is revoked.

Additionally, Gallic announces, effectively immediately, the resignations of John Garden, Jeffrey Scott and Gordon McIntosh from its board of directors. The Corporation is seeking suitable replacements for the departing Directors. The remaining directors are: William H. Smith (also CEO and President), Jason Bednar (Non-Executive Chairman) and Charle Gamba.


Forward-Looking Information

Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements relating to the ability of Gallic to receive, in a timely manner, the necessary government, regulatory, court, securityholder, stock exchange and other third party approvals. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Gallic believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because Gallic cannot give assurances that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, risks and uncertainties inherent in the nature of the Arrangement including the failutre of Gallic to obtain necessary securityholder, government, regulatory, court and other third party approvals. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

The forward-looking information contained in this press release is made as of the date hereof and Gallic does not undertake any obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV accepts responsibility for the adequacy or accuracy of this release.



Contact

Gallic Energy Ltd.
William H. (Bill) Smith, President and Chief Executive Officer
(403) 930-7533

Gallic Energy Ltd.
Dean Callaway, Vice President Finance and Chief Financial Officer
(403) 930-7534