On 10/31/2012, Galileo Petroleum Ltd. announced that they will be unable to file their next 20-F by the deadline required by the SEC.

Galileo Petroleum Ltd. filed its Annual on Oct 29, 2012 for the period ending Jun 30, 2012. In this report its auditor, Meyers Norris Penny LLP - MNP LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Galileo Petroleum Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2012. For the quarter, the company reported net loss and comprehensive loss of CAD 345,874 or CAD 0.01 per share on total revenue of CAD 60,519 compared to net loss and comprehensive loss of CAD 309,614 or CAD 0.01 per share on total revenue of CAD 24,545 for the same period a year ago. Net cash used in operating activities was CAD 591,634 compared to CAD 267,156 last year. Addition of exploration and evaluation assets was CAD 65,743 compared to CAD 128,387 last year. Investment in petroleum and natural gas properties was CAD 7,885,952 and petroleum and natural gas revenue was CAD 60,215 for the quarter period. Net loss before income taxes was CAD 345,874 compared to CAD 309,614 last year. For the nine months, the company reported net loss and comprehensive loss of CAD 868,973 or CAD 0.02 per share on total revenue of CAD 255,631 compared to net loss and comprehensive loss of CAD 766,790 or CAD 0.02 per share on total revenue of CAD 24,148 for the same period a year ago. Net cash used in operating activities was CAD 804,711 compared to CAD 485,378 last year. Addition of exploration and evaluation assets was CAD 67,766 compared to CAD 202,156 last year. Investment in petroleum and natural gas properties was CAD 8,809,267 for the period. Net loss before income taxes was CAD 959,173 compared to CAD 766,790 last year.