Galileo Petroleum Completes Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 17, 2014) - Galileo Petroleum Ltd. (TSX VENTURE:GPL) (the "Company") announces that further to the Company's news release of October 3, 2014, the TSX Venture Exchange ("TSX-V") has approved the Company's share consolidation on the basis of three (3) pre-consolidation common shares for one (1) post-consolidation common share of the Company. The name of the Company has not been changed.

Effective as of the opening of markets on Monday, October 20, 2014, the Company will commence trading on the TSX-V on a consolidated basis and the stock symbol of the Company will remain unchanged. The post-consolidated common shares of the Company will be assigned a new CUSIP number of 36354R205 (ISIN CA36354R2054).

Shareholders of the Company will be receiving a letter of transmittal from Computershare Trust Company of Canada to enable them to exchange their old share certificates for new share certificates representing the post-consolidated common shares.

As at the date hereof, there will be 5,422,692 Common Shares issued and outstanding.

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.