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Galileo Petroleum Announces Debt Settlement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/06/14 -- Galileo Petroleum Ltd. (TSX VENTURE: GPL) (the "Company") announces the Company's plan to undertake a shares for debt settlement arrangement to retire indebtedness in the aggregate amount of $295,654 to certain creditors, which include directors and executive officers of the Company, by issuing a total of 5,913,080 common shares of the Company at an issue price of $0.05 per share (the "Shares for Debt Settlement") on or before June 30th, 2014.

The Shares for Debt Settlement is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF GALILEO PETROLEUM LTD.

David Hottman, President and CEO

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.

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