Galileo Petroleum Announces Proposed Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 3, 2014) - Galileo Petroleum Ltd. (TSX VENTURE:GPL) (the "Company") announces that the Company will be seeking approval to consolidate the Company's common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every three (3) pre-consolidation Common Shares or at such lower consolidation ratio as may be required by the TSX Venture Exchange (the "Share Consolidation").

It is management's view that the Share Consolidation will benefit the Company by increasing investor interest, improving trading liquidity and improving the Company's ability to raise additional capital and at a higher price per share.

As at the date hereof, there are an aggregate of 16,268,077 Common Shares issued and outstanding. It is expected that, upon completion of the Share Consolidation, there will be an aggregate of approximately 5,422,692 Common Shares issued and outstanding.

The completion of the Share Consolidation is subject to obtaining the approval of the TSX Venture Exchange including meeting the minimum distribution requirements.

Further information will be released as it becomes available.

ON BEHALF OF GALILEO PETROLEUM LTD.

David Hottman, President

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 news release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.