Investment Alert distributed by Investor Spec Sheet. If you are unable to read this Alert, please go to http://www.investorspecsheet.com/alerts/galaxy012004.htm. If you have received this in error, or wish to unsubscribe, please find instructions at bottom of page. Special Portfolio Update: Are You Ready for the Next Energy Boom?

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The long-term outlook for U.S. natural gas prices appears to be quite favorable. Domestic consumption remains in an uptrend, and is expected to rise to more than 30 trillion cubic feet per year by 2020, versus approximately 26 tcf at present. Demand is bolstered by rising electricity needs, coupled with the cost and environmental advantages of natural gas-burning power plants, which account for 95% of all new electricity generation.

The domestic gas supply is falling at the unprecedented rate of about 5 - 6% per year, and storage inventories are well below optimal levels (seasonally adjusted). Onshore production is being limited by aging wells; conventional gas wells typically have high production rates in their early years, followed by a longer period of greatly diminished output. Drilling opportunities are also on the wane, as this country has already exploited most of its onshore fields. New wells are mostly small and shallow and have short life spans, factors that discourage development by large firms, which have lately been conservative with their cash. Gas Graph

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The U.S. government has recently moved aggressively to encourage development of these coal bed methane (CBM) reserves. CBM is inexpensive to drill and complete, and wells typically have a very high success rate. Galaxy's acreage is strategically located near roads and pipelines with a 20-inch high pressure gas transmission line running through the acreage. The business plan calls for development of approximately 800 bcf of gas reserves by fiscal year-end 2005.

Galaxy has recently acquired an operating interest in 61 exisiting coalbed methane (CBM) wells and approximately 12,000 additional gross acres in the Powder River Basin in Wyoming.

Galaxy has a 30-year concession from the Romanian government on 21,500 acres overlaying shallow coal seams that are likely rich in gas. Galaxy has also leased 3,600 acres of the prolific Trawick field in East Texas; horizontal drilling techniques have yielded strong results in this area.


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