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Galileo Petroleum Completes Debt Settlement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/21/14 -- Galileo Petroleum Ltd. (TSX VENTURE:GPL) (the "Company") announces that it has issued a total of 905,890 common shares of the Company at a deemed issue price of $0.05 per share and paid a sum of $19,412 to a certain creditor of the Company in settlement for a certain debt owed by the Company in the total amount of $64,706 (the "Debt Settlement").

The common shares issued pursuant to the Debt Settlement are subject to a hold period that expires on December 8, 2014.

The securities of the Company and the common shares issued pursuant to the Debt Settlement have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

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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