FYI Galena Capital Corp

Galena Capital Corp. (TSX VENTURE:FYI) (the "Company" or "Galena"), a
Vancouver-based company listed on the TSX Venture Exchange, wishes to provide
the following operational update:


Oil Sands Recovery prospect:

Galena's potential joint venture partner, Imperial Petroleum Inc. by way of its
subsidiary Arrakis Oil Recovery LLC, announced on May 16th, 2011 that Arrakis
"has successfully completed commercial scale demonstration tests on oil sands
from various locations". 


Galena's management team has commissioned a due diligence report from an
independent advisor which will include a comprehensive engineering examination
as well as detailed lab analysis of the products resulting from the oil recovery
process. Management expects to have these results within the next two weeks, and
based on a satisfactory assessment of the process and business plan, management
will determine whether or not Galena will be moving towards a definitive
agreement covering the proposed joint venture.


Galena and Imperial Petroleum Inc. have previously entered into a letter of
intent (February 07, 2011 News Release) to begin the development of oil sand
recovery pilot operations later this summer.


Matagorda Bay prospect:

Management has been advised by the Operator (South Bay Resources) that the
contracted rig is due to begin moving onto the 127-1 well site within the next
week - once on site South Bay Resources (the Operator) expects to commence
on-site operations immediately targeting the completion of the Bol Mex zone as
previously discussed in our news release dated March 7, 2011.


"Galena is excited about Imperial's results and the future of bitumen
opportunity & eagerly awaits the independent examination report. Bitumen is a
longer term, highly involved project that requires significant due diligence. In
the short term, Galena is optimistic about the low-cost, low-risk Matagorda Bay
project which will commence in the very near future," States VP of
Communications Michael Leahy.


To view the news release regarding the Bitumen demo for Imperial Petroleum
please go to:


http://www.businesswire.com/news/home/20110516006518/en/Imperial-Update-Oil-Sands-Project


On Behalf of the Board of Directors of Galena Capital Corp.

Arni Johannson, Chairman

Certain of the statements made in this news release may contain forward-looking
statements within the meaning of applicable Securities law. We have made
numerous assumptions about the material forward-looking statements and
information contained herein, including among other things, the assumptions
about the price of oil and gas, anticipated costs and expenditures and our
ability to achieve our goals. Even though our management believes that the
assumptions made and the expectations represented by such statements or
information are reasonable, there can be no assurance that the forward-looking
statements or information will prove to be accurate. Forward-looking statements
and information include, but are not limited to statements or information with
respect to known and unknown risks, uncertainties and other factors which may
cause the Company's actual results, performance or achievements, or industry
results, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements and
information. Such risks, uncertainties and other factors include, among others,
the failure to obtain necessary regulatory approvals, risks associated with the
oil and gas industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks), and
commodity price, interest rate and exchange rate fluctuations. Should one or
more of these risks, uncertainties or other factors materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described in forward-looking statements and information. Although we have
attempted to identify factors that would cause actual results to differ
materially from those described in forward-looking statements and information,
there may be other factors that cause actual results, performances, achievements
or events to not be as anticipated, estimated or intended. Also, many of the
factors are beyond our control. There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly you should not place undue reliance on forward-looking statements or
information. Except as required by law, we do not expect to update
forward-looking statements and information as conditions change and you are
referred to the full discussion of the Company's business contained in the
Company's reports filed with the securities regulatory authorities in Canada.

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