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Traders Go to Galleon Energy After Oil & Gas Firm Adds Penn West Vets to Management Team

Galleon Energy Inc. (GO.TO) is ahead more than 20% today after the oil and gas company said it brought in William E. Andrew, a Senior Executive Officer at Penn West Exploration Ltd (PWT.TO). for nearly 19 years, as its new Executive Chairman. Galleon also appointed Dale Miller and William Tang Kong, two other long-time executives with Penn West, as president and vice president for corporate development, respectively.

Galleon also reported funds from operations of $20.1 million on $48 million in revenues during the three months ended June 30; that compares to $26.8 million in funds from operation on $48 million in revenue in Q2 of 2010.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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